Arthur Hayes
👤 SpeakerAppearances Over Time
Podcast Appearances
So he'll have a choice at some point.
At some point, he'll have to take a lot more risk in the type of debt and structures that he issues, whether that's coupons or it's the date at which he needs to repay things.
And he either makes a choice.
Either it's, A, I'm going to take this...
add more leverage to my capital structure, and then I have to really hope Bitcoin keeps going up.
Or it's, okay, I'm going to stop playing this game.
And MicroStrategy just becomes my 1x Bitcoin.
It doesn't go up or down faster than Bitcoin.
It just is Bitcoin.
And if all you can buy is a listed stock, that's what you get.
I don't think we're there yet.
But at some point, if it gets big enough, you'll get to that decision.
And then that's a corporate decision on what they want to do.
I mean, shorting is hard.
I don't do it.
It's a mindset.
It's a skill.
And if, you know, maybe he mentally just wasn't there to suffer the knocks, right?
He fundamentally believes AI is a bubble.
I 100% agree.