Indeed. @saylor was visionary in turning a public company’s capital market access into a traded, leveraged bitcoin ETF proxy, long before Bitcoin EFTs were approved (essentially a real-life proof of concept for BlackRock). As a result, @MicroStrategy stock price increased 10x. The surge was a direct outcome of his all-in Bitcoin arbitrage: using low-cost regulated capital to acquire a “seemingly” higher-risk asset (aka higher risk ONLY to those who failed to grasp the big picture and the fundamental problem that Bitcoin solves). This is the premium of knowledge and conviction BEFORE consensus is reached, with calculated risk taking…(hong)