Is the market going to make Saylor capitulate on his buys or is Saylor going to launch bitcoin higher? Single entity ($MSTR) buying 43 days’ issuance per week. That can’t last forever - one way or the other.

When bitcoin serves as the reserve currency and asset for the world then the impossible trinity becomes the impossible duality. A “nation state” is committed to free flow of capital because of Bitcoin’s intrinsic properties. It can choose either (1) a currency with a “fixed” exchange rate pegged to bitcoin or (2) their own, independent monetary policy. They cannot have both. This is a big, big, BIG deal.

@jack mallers made an important pivot on his Monday podcast. He went from a long time call of $250k-$1M in 2026-27 to $150k-$200k (with a potential drawdown in the near term). What new information contributed his dramatic change in forecast?

4 year bitcoin returns and sharpe ratio still near all time lows.

@River spread is steep. Not only the 1% fee but an extra 0.5%+ from how much your bitcoin is “worth” on their exchange view to what they sell for.

Traditional markets will succumb to bitcoin. We shouldn’t apologize for that nor should we pretend traditional markets will be / should be happy with the transition.