Michael Saylor

That was all currency.

Everything was gold-backed credit.

If Bitcoin's digital gold is digital capital, then digital credit on top of digital capital is fine.

You don't need...

a heterogeneous capital structure.

I just described the theory of asset-backed capital.

You could do it with gold.

You could do it with paintings.

You could do it with Manhattan real estate.

I think a general principle, though, is if you decide to take a company public and be the Manhattan real estate company, then you're better off to focus on Manhattan real estate and not diversify into ice cream trucks and Monet paintings and gold and crypto assets.

Because

Because the business model is within reason infinitely scalable.

For example, we could sell $100 billion of credit or a trillion of credit and buy a trillion of Bitcoin and everything just works perfectly.

better you see so diversifying this isn't a question about diversifying this is a question about is accumulation fundamental to strategy or will there become a target that you hit or maybe not a target but just a period of less aggressive issue to understand i'm describing the business model which is we issue credit we acquire capital if we stop issuing credit we'll stop acquiring capital

But there's $300 trillion in the credit market, which is currently yielding SOFR plus a spread.

And the spread is like 80 basis points to 200 basis points.

So consider, what if we just wanted to convert 5% of that, right?

You're getting to $15 trillion of credit.

And can you pay better than 280 basis point credit spreads?

Sure you can.