I love Luke’s macro analysis, but I think the Digital Credit analogy may actually run in the opposite direction. London’s unallocated gold market allowed the financial system to create gold-denominated claims without requiring each claim to correspond to specific allocated physical bars. Digital Credit does something very different. STRC and SATA are dollar-denominated income streams. Investors receive USD claims, not claims on X amount of Bitcoin. STRC targets trading around $99-$100 and SATA around $99-$101. The capital markets can therefore create additional USD-denominated credit claims, with the proceeds used to acquire actual, scarce Bitcoin. Credit gold expanded the supply of claims on gold. Digital Credit can expand the supply of USD claims while reducing the BTC available to the market. What happens when USD credit supply keeps expanding while available Bitcoin supply keeps contracting? Fireworks. IMO $1 million BTC could just be the beginning.