We have been relatively pinned in this range but reinforcements will arrive by early next week. Saylor's STRC proceeds will be coming in. $500mm offering but likely will be meaningfully upsized. SBET is freed from share count constraint after 7/24 vote, after which they will start issuing more. This may be subject to T+2 settlement to receive proceeds, depends on whether they did forward agreements (and size).

"Why does Saylor need to issue a new preferred stock ?" He is filling the void on this chart to appeal to different pools of capital Each new instrument makes the whole structure stronger, not weaker It will take a lot of time for the market to understand all these preferred before allocating So Saylor might as well issue them and let people digest them progressively MSTR is not very levered right now. He is in a position of strength and is quietly executing his plan

This is playing out across all major countries. Politics forcing fiscal expansion, and then gov + CB has to play games to contain bond market. This is a mix of duration reduction (shifting to bills), YCC, and financial repression. BTC is the beneficiary on both ends.

Think of yourself as your most valuable asset and treat yourself accordingly.

Everyone is super jittery and worried about a top. As we enter into a bubble there will be signs of froth. That is to be expected. All that matters is: 1. Trump wants to run it as hot as possible 2. They have incremental levers to pull to increase the temperature Let this be your north star. Many of you seem to have forgotten what a real bubble feels like. As long as the two conditions above are true, the bubble will keep growing. Take a deep breath and stay long.

Crypto-natives are looking to "de-risk heavily once the market gets too hot" Bitcoiners are looking to accumulate as much BTC as they can at any price There are virgin assets and there are chad assets, choose wisely

Yes. In fact, the simplest solution to making housing more affordable, and thus alleviating some of the resentment of the youth, is the correct one which is to just build more homes. The reason this doesn’t happen however is much more complicated. First, consider the nature of the city. Suburban commuters commute every day into the city for work but since they don’t live there, they cannot vote there to increase housing supply. Second consider those with voting power in the city. On one hand you have landlords who do not want more housing built and renters who do want more housing built. Surely, renters out number landlords. So why don’t they just vote to increase housing? Because of a mix of corruption and bureaucratic obfuscation. Landowners need only expend enough lobbying capital to outweigh the numerical advantage of renters. The renters also being more numerous makes them harder to coordinate. In other words, a “noble cause” must be invented to subvert the vote of part of the renters to the landlords’ cause. Building a house here will hurt the environment. Building a skyscraper there will put local coffee shops out of business as the area gets manhattenized and Starbucks comes in. Eventually, lots of arbitrary rules and regulations are put in place which don’t actually prohibit building new housing but makes it unnecessarily difficult and costly. This obfuscation makes it difficult for renters to even understand what is preventing new housing from being built. They can’t actually vote to allow new housing to be built because technically building new housing isn’t prohibited. They have to dig through the labyrinthine maze of regulations to finally understand that they need to vote to fuck over the delta smelt or whatever for rents and housing prices to go down. Basically an impossible task. It gets worse. Because if that isn’t possible, what is possible? Something simple to understand but actually counterproductive. Rent control and greater hurdles for eviction. Renters basically vote themselves into greater shortages and higher rents. This is the world we live in.

401k? Yeah that's my price target what are you talking about?

I was one of the only people talking about this, was a core pillar of my thesis and rabid bullishness. This is an absolute gamechanger that shifts the nature of BTC (and a few others) from being intensely volatile cyclical assets into having a more equity-like up only grind. This change in character significantly broadens the pool of potential buyers for these assets. Many will now want to front run these retirement flows. It's a massive catalyst.

This was already telegraphed from the Dept of Labor guidance allowing retirement accounts to do crypto, but now this thesis will get priced in more. Also should smooth the path towards adoption. 401ks are the ultimate up only tech since they are continual passive flows.