Michael Saylor

First, we did equity.

And then the middle period was bonds.

convertible bonds we were became the biggest issue of convertible bonds in the world and we maxed out that market and now we're in the credit stage where you're seeing the formation of credit instruments like strc or sata and that's really tapping into pure fixed income and and you know i i think that that's actually got much greater legs like this idea that i'm going to convert

I'm going to convert a highly volatile 30 AR asset into a non-volatile 10 AR asset, right?

That's a very, very powerful idea.

And there's no reason why that can't be billions a month and then tens of billions a month and then hundreds of billions a month.

And so I've really got my eye on that dynamic.

There's two dynamics, right?

The formation of digital credit from public companies

And the second is the formation of bank credit networks from the too big to fail banks, right?

Those are the two large sources of capital that will drive the next phase of development of the entire network.

If you walk down the street and you ask 100 people,

Would you like a crypto asset that's got a 50 vol that's been returning 37% or 40% a year for the past five years?

Like one or two out of 100 will say, yeah, and you have to talk to them for 100 hours.

It takes a while, right?

If you then ask the people, would you like to buy a Bitcoin-backed bond, a 20-year bond that pays you 10%?

Like 20, okay, well, there's some principal protection, but it's a 20-year bond.

How many people do you know have 30-year bonds in their portfolio or 20-year corporate bonds in their portfolio?

Not so many.

And then you say, well, would you like a convertible bond that's got some equity upside and it's a 10-year bond with a conversion rate?