Cris Reed 🎙️Bitcoin Mindset Podcast

@BTC_broo 2029

How long until 1 home = 1 bitcoin:native?

@saylor @Srrtt313 Pref re-ratings incoming

Looking forward to Bitcoin Summer. 😎

@SullyMichaelvan Losing = experience Experience = leverage Leverage = Winning

Overwhelmingly grateful this morning. You can't hold Bitcoin for long durations of time without experiencing both euphoria and humility. Most of us start this journey with an incredible amount of excitement. The rabbit hole is deep, the ideas are intoxicating, and the orange coin feels inevitable. You make bold predictions and can't imagine a world where price goes down for long. But Bitcoin doesn't move up and to the right every day. Eventually, the price dumps. Moods shift. Conviction gets tested. And inevitably, you realize how much you still don't know. I've been wrong repeatedly over the years (and literally have the sentiment data to prove it), but IMO that's part of the process. The important thing is to use this pain to refine your worldview, learn, and continue growing. People like James and the @_checkonchain team have been instrumental in my own learning journey. I'm incredibly thankful for the opportunity to collaborate with them and share my work in this way. Hopefully it's as valuable to you as their work has been to me.

@RoxomTV @mattkratter Bitcoin is neutral naturally and doesn’t care who uses it so people need to get over it

"BITCOIN IS FOR ENEMIES." @mattkratter on the politicians who'll quietly stack it anyway: "Elizabeth Warren, she'll onboard all of her wealth into Bitcoin when she needs to, and they won't talk about their previous opposition to it" 👇

@SullyMichaelvan @LibertyBTC @_Checkmatey_ @_checkonchain 🔥🔥

@LibertyBTC @_Checkmatey_ @_checkonchain Thanks so much man. I've been over here on my own watching James' work and noticing how much coherence there is between the different data sets and methodologies. Finally getting to marry them a bit has been insanely cool to see for me as well.

Peak Apathy. My latest piece is out for @_checkonchain subscribers, and we have a special treat. Today I build ontop of a terrific work @SullyMichaelvan has done measuring Bitcoiner sentiment, and overlay where onchain data corroborates, or diverges. newsletter.checkonchain.com/p/peak-apathy

There’s $300 trillion of dying units laying around in destructive instruments. STRC and SATA have plenty of TAM to survive and thrive together.

Fiat is dying a slow death. Please study bitcoin.

@Micro2Macr0 🫡

@CrisReed ✊

If you’re playing in their credit world and you ignored STRC, your competitors have ran laps around you. If you’re a company capitalized on money markets and you ignored STRC, the same happened. Game theory has already started kicking in.

@Z06Z07 @VirtusVerbis @Strategy @saylor Wild if they used all three to prove a point

How does @Strategy buyback $1.5B in converts? $MSTR $STRC @saylor

@jaymesrosenthal One of the greatest duration + growth trades I’ve ever seen

@CrisReed We can. Most can’t. Loading more strk soon. Ex div date in a few weeks. Front run that capital.

Can you hear STRF STRC STRD being “pulled up the capital stack”? Once converts are gone it’s time for re-ratings. Then TradFi pools can participate even more in exploiting the asymmetry with these instruments vs dilutive real returns with traditional credit instruments (IG bonds, junk debt, private credit, etc) Apex carry is in infancy stage still.

@GrafYves @RichardByworth ⚡️is the next step for BTCTCs who can execute at a high level

@RichardByworth raised a fascinating point about $SATA’s daily dividends. Financial engineering may be the tailwind, or even, the spark that brings Lightning into play. To me, Lightning and financial engineering are two sides of the same coin.

By retiring $1.5B face value of 0% 2029 notes for ~$1.38B cash, $MSTR eliminates the future shares those notes could convert into. This reduces potential dilution and increases Bitcoin per share for existing holders, while generating an immediate ~$120M savings. It’s not a perfect 1:1 match with a traditional stock buyback (which retires current shares immediately), but in $MSTR’s convertible-heavy structure, it’s a smart, accretive move that acts like anti-dilution capital allocation.

Bitcoin promotes lifelong learning / self-improvement

@saylor @Strategy Make the instruments more durable / predictable then Wall Street adopts it as the best carry in the market - à la infinite bid on Bitcoin accelerates x.com/crisreed/statu…

This week we bought bonds, not bitcoin. The ₿itVac is charging.

@UncleDividends Means a lot brother ⚡️

I learned so much from this fascinating article by Cris regarding the carry trade. Highly recommended 👍

@adam3us I’m usually anti-EMH but when you put it like this ⚡️

hyperbitcoinization is nigh, and EMH cometh...

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