I encourage more people to play around with the credit tab on @Strategy's Bitcoin dashboard. Even if you adjust Bitcoin's CAGR to 0%, and you assume that Bitcoin remains incredibly volatile, then Strategy's preferred equity is still massively mispriced by the fixed income market. And this is assuming a fairly pessimistic view on bitcoin. More likely you may expect a 30% CAGR and wild volatility, or a 0% CAGR and lower volatility. In either of these more optimistic cases, Strategy's preferred equity is even more absurdly mispriced. Effectively, this implies that the 300T+ fixed income market needs to be repriced, and a lot of that capital should be flowing into Digital Credit, as it's providing higher returns for statistically lower risk. This means Bitcoin treasury companies that issue Digital Credit are going to be the catalyst that begins bringing the 300T+ fixed income market directly into Bitcoin. This has profound implications for the price of Bitcoin and the entire global financial system. And almost nobody is paying attention. https://www.strategy.com/credit(Joe Burnett, MSBA)