Had a podcast chat with @epr510 today about the topic of 'Bitcoin Standard,' where we discussed DAT companies like MicroStrategy. The core model is: leveraging low-interest debt in the fiat world, issuing convertible bonds to purchase highly volatile digital assets. In the long run, it's about arbitraging the 'fiat depreciation Bitcoin appreciation' gap. How low is the debt interest? For several convertible bonds issued in 2024, the coupon rates ranged between 0-2.25%. Currently, MSTR holds $6 billion worth of Bitcoin, with $800 million in debt and an annual interest cost of $80 million. So Bitcoin only needs to rise 1.36% annually to cover the interest cost. In reality, over the past 10 years, BTC's average annualized return has exceeded 50%. MicroStrategy is the biggest practitioner of the 'Bitcoin Standard.'