market sentiment be like..

"The best...strategy is to own the fastest horse. Just own the best performer! If I am forced to forecast, my bet is it will be Bitcoin." —Paul Tudor Jones (May, 2020)

Everything physical can be centralized. Everything centralized can be controlled. Everything controlled will be debased.

"For the last 30 years, the effective cost of capital has been the S&P 500 index. This is the benchmark your capital has to return to avoid getting poorer. The middle class use index funds (S&P 500, Vanguard 500, the Nasdaq 100) as a store of value. It's a way to gain exposure to a basket of stocks. That’s been the status quo since Jack Bogle first popularized it. The S&P 500 index has gone up 7% per year for the last 50 years, while the U.S. dollar currency supply has also gone up 7%. It doesn't take a rocket scientist to see that. So effectively, when you buy the S&P 500, you own a basket of assets holding their value in real terms while trending up in nominal terms. And that's not awful—at least you don't get poor! But, ideally, you want something growing at 14%." —Michael Saylor

If you know, you know. Anil Patel @anilsaidso brings the kind of Bitcoin clarity that cuts through noise. Pumped to hear him speak again - this time live! Next Sunday in Vancouver 🚀

What does it mean to be a Bitcoin Evangelist? I was honored to share a stage at @TheBitcoinConf w/ @NeilJacobs, @anilsaidso, and @DecentraSuze!

The most successful scams are hidden in plain sight.

See you next week, Vancouver.

Bitcoin is for polymaths.

Lessons from Harvard: "Harvard Business School taught the Strategy case study. This is perhaps the greatest business school in the United States—the best and the brightest. The professor calls to say, 'We studied the Strategy story, and we'd like you to come in and talk to the class. The students are very excited!' Mind you, this is after we'd adopted a Bitcoin strategy and after it had worked. Here’s what happened… I joined the class on Zoom and shared our story. I told them the company was at the end of the line. The enterprise was worth $600 million, and the market cap was ~$5 billion. We tried unsuccessfully to grow the business for over a decade. We were at our wits' end. The only alternative was to sell the company: corporate death. Finally, we adopted a Bitcoin standard. The stock price quadrupled, employees made millions, and shareholders made billions. Our strategy was good for Bitcoin, the company, and our customers. A few months later, our market cap was over $30 billion. The professor said ‘OK, you've heard the CEO. What do you guys think? Would you do it?’ He then took a survey. First student: 'I don't know, seems kind of risky.' Second student: 'It seems like an inappropriate use of shareholder funds.' Third student: 'This isn't normally done.' Fourth student: 'It kind of violates convention in corporate finance.' Fifth student: 'We really can't see any major company doing it.' I swear I watched 10 students, and every single one of them said, 'No, we would never do this.' The takeaway? The world's full of conventional wisdom, conventional thinkers, and conventional institutions. You can give them the answer. You can even take the risk for them and prove it works. They will just stare at you and not do it. The one conclusion I’ve reached is that you can't predict who will get it. After all, this is a financial revolution. But I'm happy to live in a world where adoption grows from 1% to 2%, then 4%, 8%, 16%, and beyond. At that point, Bitcoin won't be a $2 trillion asset class—it'll be a $100 trillion asset class. By the time your financial adviser says it’s OK to buy Bitcoin, it’ll cost $1 million. When they say it’s a good idea, it’ll be $10 million. Everybody gets Bitcoin at the price they deserve." —Michael Saylor