Michael Saylor

It trades $20 billion a day right now.

The derivatives market's $50 billion a day.

Our company has, you know...

created $10 billion of digital credit in a year, there's only $10 billion of Bitcoin available for sale by every miner in the world.

So if the digital credit business grows by a factor of two or three or four, right now we're buying two Bitcoin for like every Bitcoin mined.

Just our company.

So my point of the tweet is that if digital credit explodes, digital credit will buy $50 billion of Bitcoin a day.

and there's only 10 billion, sorry, $50 billion of Bitcoin a year.

And there's only $10 billion of Bitcoin a year available for sale.

And if bank credit forms, if the banks start giving you loans against Bitcoin, that's another 50 or a hundred billion dollars.

So the formation of the credit networks are going to be orders of magnitude more important to the price of Bitcoin than the constriction of the supply coming from the miners.

That wasn't always the case,

In the first four years of Bitcoin, half of the Bitcoin was mined.

And the next four years, 25% of all the Bitcoin in the world was mined.

So it used to be it was a supply side dynamic driving the price.

Now, it's really a demand side.

And the thing to look for is the amount of capital that flows into the ETFs, the amount of capital or credit that's created by the banks, and the amount of digital credit that's created by companies like MSTR.

It's a more challenging business now than ever before.

The people that will always mine Bitcoin are those with stranded energy and stranded capital.

For example, a third of the energy, a third of the electricity, oftentimes it's stranded where there's not an economic buyer for it.