Economists who believe in the efficient market hypothesis should see the success of @Strategy and become hyper bullish on Bitcoin. Strategy has built two Bitcoin-based financial products that are both in high demand. One is leveraged long-duration Bitcoin exposure through its equity. The other is fixed income products, which provide the capital for that leverage. Together, they form a self-reinforcing system. These fixed income products are backed by an over-collateralized Bitcoin position with a BTC rating above 5, meaning they are massively over-collateralized with liquid, highly scarce monetary collateral. As a result, they are superior to traditional fixed income on a risk-return basis, offering bond investors both higher safety and higher yield. The proof is in the numbers. About 15% of the entire IPO market this year consisted of Strategy issuing these fixed income products to acquire more Bitcoin. The efficient market hypothesis says prices and capital allocation reflect all available information. The fact that both products exist simultaneously and are in strong demand suggests that the market sees both as long-term winners. Equity investors are buying leveraged Bitcoin exposure. Credit investors are funding that leverage because they earn higher returns with lower risk than in traditional fixed income. Both sides of the market are agreeing on the same fundamental point: Bitcoin is such a powerful monetary technology that it justifies the existence of these two products at scale. This is not a niche experiment. It is a signal that the market is converging on Bitcoin as the most efficient foundation for both equity and credit. It is what Saylor calls economic steel. Before steel, buildings could only rise so high. With steel, the entire shape of cities changed. Bitcoin is the same for finance. The simultaneous demand for both leveraged Bitcoin equity and over-collateralized Bitcoin credit shows that the market is pricing in a future where Bitcoin transforms not just savings, but the entire architecture of global finance.(Joe Burnett, MSBA)