Jordi Visser

It's a representation of the volatility and the underlying security.

They're both at historic lows.

So until we actually get it moving the other direction, the premium should stay at very tight levels, particularly after all the DATs and everything that went on last year.

Nothing has changed in terms of the moat story, which is when we get into the collateral side of the importance of Bitcoin, which I do believe is going to be a major story.

As tokenization happens, it's going to matter who actually owns the Bitcoin, who can post it as collateral, who can use it for...

expanding their business.

I've always believed in MicroStrategy as the capital structure of the future.

Stablecoins are changing the capital structure of the future by impacting the way transactions have tokenization, both real world assets, but also on chain assets, new things that are happening.

Those collide this year.

So MicroStrategy just needs Bitcoin to trade higher.

It needs Ethereum to trade higher.

It needs volatility to pick back up.

It needs the banana zone.

And once that comes, it'll be viewed differently as a business.

But unfortunately for right now, it's just caught again in what is effectively a bear market where Bitcoin is unchanged from a year ago, which is kind of astonishing that we could be at the same price we were in December of last year.

But the feeling at this place and everyone I talk to is one of like horror.

Micro strategy has been bad.

So that's my take.

Last question.

So they've already had an impact.