Arthur Hayes

And that's how I approach investing.

And so that's why I mostly focus on liquidity.

What is the expectation of liquidity?

How does reality conform to that expectation?

And that's what informs me when you see me on, you know, when I write an essay or I'm on X and I post like, oh, I think Bitcoin is going down to this level.

I think Bitcoin is going up to this level.

It has nothing to do with me reading the chart of Bitcoin and everything for me to read.

Oh, I think the market's misinterpreting what's happening with the US banking system or with how China is printing money or the fiscal situation in Japan or how is Europe going to fund this war they want to fight with Russia with defense spending.

Again, these are all the things I care about because if I get that right,

then I just have to pick the right asset.

And I believe the asset is Bitcoin.

Because he has access to the corporate debt markets, I think the initial strategy is perfect.

He's able to issue an asset, borrow dollars that are going to be in infinite supply and buy something that's going to be in finance supply.

So I think as a fundamental level, it is a great strategy.

Now, the nuance is how is he able to do that in a price per share creative way for the micro strategy stock?

Obviously, it was easier to do back when rates were lower.

A little harder to do now.

I'm not really sure how, if you have a dollar of capital today, if the micro strategy is the best way to play there or to buy Bitcoin.

I don't really play in the stock market very much.

I'll just stick with straight Bitcoin.