Michael Saylor

And because we're the largest player in the space, we can offer the most liquidity, the most collateral, the strongest brand, and the deepest markets in those instruments.

We're so way over-collateralized, it's hardly a concern.

I think we've got $74 billion of Bitcoin.

We've got $6 billion of these preferred credit instruments outstanding right now.

They don't even come due.

I think it takes 1% or 2% of our annual equity issuance to cover our dividends.

So not a big concern.

No, I think that the digital asset economy is exploding.

And the winning digital currency is the tokenized dollar in the form of Tether and Circle.

And that entire asset class has exploded to about $250 billion.

I mean, so if people want a circulating medium of exchange on crypto rails, they're using stable coins in the form of tokenized dollars.

Bitcoin has emerged as digital capital.

What you want is a commodity that's also scarce and decentralized as a long-term capital asset.

So the killer application of Bitcoin is digital credit issued against digital capital, whereas the killer application for medium of exchange is a digital currency in the form of a stable coin.

I think the crypto industry understands this.

And I think the people of the world understand it.

If you talk to anybody and ask them how they're going to pay for their cup of coffee, they're going to send a stable coin from their mobile phone app.

And if you ask them what do you give to your granddaughter, they're going to say give them a Bitcoin coin.

Well, if we look at these preferreds, first of all, they're leveraged, but they're not debt because the principal number comes due.

Stretch, I think, represents kerosene.