Michael Saylor

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.

It's like extracting jet fuel from a barrel of crude oil.

And so we're very excited about that.

And we think that there's an opportunity to create...

stretch-type instruments in euros or yen or Canadian currency or pounds.

In essence, everybody in the world would love to have a high-yield bank account that yielded 10% or more, or they'd love to have a money market that gave them double or triple their normal money market.

We have shown that you can extract that sort of instrument from raw Bitcoin if you have enough Bitcoin.

So I think that we will continue to grow the AUM of Stretch and then we'll look at opportunities to transform it into different currencies around the world.

Volatility is fire. If you're a normie, you run away from fire. If you're Henry Ford, you put the fire into an engine, you put it in a horseless carriage, and you create an automobile, and now people can go. And then you put it into a plane and a train, you see? So engineers are putting volatile, you know, a nuclear reactor in the spaceship. It's scary. In the submarine.

Volatility is fire. If you're a normie, you run away from fire. If you're Henry Ford, you put the fire into an engine, you put it in a horseless carriage, and you create an automobile, and now people can go. And then you put it into a plane and a train, you see? So engineers are putting volatile, you know, a nuclear reactor in the spaceship. It's scary. In the submarine.

Volatility is fire. If you're a normie, you run away from fire. If you're Henry Ford, you put the fire into an engine, you put it in a horseless carriage, and you create an automobile, and now people can go. And then you put it into a plane and a train, you see? So engineers are putting volatile, you know, a nuclear reactor in the spaceship. It's scary. In the submarine.