Bitcoin is always cheap. That’s why it’s good money.

Even $0.5 million bitcoin would be cheap.

Good evening.

My bull case. Here I assume that the appropriate power curve is actually BTC/GOLD, not BTC/USD. Gold adds some noise to the signal because it has its own market dynamics. The benefit is that gold adjusts for the declining value of the dollar. If true, and if gold holds its value, Bitcoin has a lot of room to run.

Over the past 50 years, investors in U.S. markets have moved further and further out on the risk curve. They began by chasing future cash flows, then high-growth revenue, and even worthless hype-driven assets like meme stocks and NFTs. Putting bitcoin, digital sound money, on the corporate balance sheet marks a return to balance sheet fundamentals. It means valuing existing money today versus potential future money tomorrow. The entire hyper-monetized financial system is about to bid bitcoin to millions.

Notice how we bought 210 BTC. 21

My Bitcoin Treasury discussion with @IIICapital. 0:00 – Intro 1:00 – First priority as Director of Bitcoin Strategy 3:11 – Should Bitcoin companies copy MSTR’s preferreds? 5:02 – Structuring credit: BTC Ratings from 2 to 10 6:25 – Long-term CAGR for Bitcoin vs. S&P 500 8:28 – Why Bitcoin has fewer risks than stocks 10:36 – The global index with no counterparty risk 15:14 – Is Bitcoin a global productivity index? 16:56 – Will MSTR join the S&P 500? 18:14 – Why Vanguard owns MSTR 19:23 – Unlocking passive capital for Bitcoin 21:14 – Why BTC companies magnetize capital 23:24 – Mag 7 adoption playbook: fast vs. slow 25:47 – Most CEOs don’t want the money 27:15 – Who should adopt Bitcoin—and who won’t 29:20 – Why MSTR is going all-in on preferreds 31:21 – Preferreds are better than convertibles 32:32 – Will BTC companies still trade above NAV in bear markets? 34:09 – Why 2022 was a crypto-catalyzed bear market 35:14 – The difference between 1.1x and 100x leverage 37:07 – How to defend BTC NAV with credit instruments 39:14 – How to create a Bitcoin short squeeze 41:20 – Why shorts don’t have the courage 43:20 – The future of BTC-backed credit and equity 45:04 – A new theory of Bitcoin corporate finance 49:30 – Copy MSTR: it’s good for everyone 50:26 – Harvard’s outdated Bitcoin case study 52:16 – Why the smartest firms are making bad moves 54:16 – Why academics ignore Strategy’s success 55:15 – How the world could look in four years 57:09 – Final thoughts and wrap-up

$SMLR: @SemlerSci now sitting on 4,846 $BTC & closing in on the 5,000 $BTC milestone.

This was a great rip. A few highlights: 1. First question out the gate, Joe receives a masterclass in how to run Semler's bitcoin strategy. 2. @saylor speaking about the Harvard MBA program (and more generally about all business schools). Their curriculum is hopelessly out of date already and will have a hard time catching up. 3. Adopting bitcoin as a public corporation is not this cycle's ICO scam, for the fundamental reason that bitcoin is the best form of money and everyone needs good money. The first movers will have the most to gain, but all will gain.

With this latest bitcoin acquisition, $SMLR now holds more bitcoin than $GME. Catch us if you can, @ryancohen.