Michael Saylor

Well, that's not a big consumer thing either.

I mean, convertible bonds are fairly institutional.

There's a segment of the market.

Long-dated bonds are fairly institutional.

If you say to them, would you like a bank account to pay you 10%?

Yeah.

Yeah.

And then would you like a bank account that pays you 10% where the tax is deferred and you don't pay city tax, state tax, or federal tax until you sell the underlying instrument?

Well, so maybe the 10% is deferred for a decade.

Well, I like that even better.

Okay.

So the Bitcoin pitch is a 100-hour to 1,000-hour pitch.

The other instruments we created were convertible bonds.

The problem with the convertible bonds are they're 144A bonds over the counter.

And what that means, that's a euphemism for it's illegal for you to buy them.

Okay, it's like you can't buy them, right?

A retail investor cannot buy a 144A bond.

I mean, it's literally illegal.

Okay, so you figure that maybe coming up with a security to sell that's illegal for most of the public to buy isn't the best marketing idea.

So then we went to this idea of IPOs and the first was Strike.