Saylor’s Strategy, and Strive, have cracked the Cheat Code for buying Bitcoin. Last cycle Saylor’s purchasing power was restricted during the bear market as they exhausted the demand for their convertible bonds (debt). Now they seem to have a near infinite demand from capital searching for yield. THE DEMAND FOR YIELD IS INDEPENDENT OF THE BITCOIN PRICE So the cheaper Bitcoin gets, the more Saylor can buy. In fact, the lower Bitcoin goes the more their Bitcoin strategy is derisked. They are purchasing greater upside on the dip to finance their preferred share issuance. As much as the purists wanna complain about Saylor, he has greater conviction in Bitcoin’s success than they do bc his whole playbook is dependent on Bitcoin continuing to go up beyond the cost of the yield. This strategy can only be executed if you have an unwavering conviction in Bitcoin’s continued adoption. We now have two companies sucking capital from tradFi and pouring it into Bitcoin. There are trillions - hundreds of trillions - seeking yield. Zero to One. Now we have two. Soon there will be many. It really feels like a seminal moment.(Bitcoin Archive)