I spoke with @ColeMacro to break down Strive’s perpetual preferred equity and how it works as a permanent short on the US dollar. We also discuss digital credit, institutional bitcoin adoption, using bitcoin as the hurdle rate, and the future of the ETF industry. ASST SATA SATS YouTube: https://youtu.be/mJviDNOhIyw?si=URQEZtWU9TIv8Pa7 Spotify: https://open.spotify.com/episode/5Dc8aJd7des26aeJQTVKuE?si=eGpe2Df-RL-X6yu8-LONjw Apple: https://podcasts.apple.com/us/podcast/how-bitcoin-can-pay-you-15-forever-matt-cole/id1434060078?i=1000801587362 TIMESTAMPS: 0:00 - Intro 0:24 - Strive’s perpetual dollar short explained 4:05 - Managing risk & surviving an 80% bitcoin drawdown 5:32 - Why launch a second perpetual preferred? 9:11 - Where capital is coming from 12:51 - Bitcoin adoption inside institutions 14:39 - Strive vs the bitcoin ETF 16:40 - Will digital credit become its own category? 18:24 - Bitcoin as the hurdle rate 20:00 - Strive’s ETF business & the industry 23:30 - Trust, distribution & the founder’s voice 26:00 - Bitcoin dividend ETFs & portfolio allocation