The core of Micro Strategy's ability to continuously raise money with unlimited bullets lies in Michael's tweet. Its preferred stock STRC has lower volatility than all companies in the S&P 500 index, maintaining a long-term position of $100 and enjoying interest rates as high as 11.5%. Therefore, for investors, purchasing Micro Strategy's STRC can "risk-free" earn returns three times that of US bonds, which is amazing. But at this point, you will raise three questions: Why is the price of STRC so stable without fluctuations. To some extent, STRC is actually an algorithmic stable stock, and the micro strategy forcibly controls its price at $100. If the stock price falls below $100, the interest rate will be raised to attract more buyers and drive the price back up. If the stock price is above 100, interest rates will be lowered or new shares will be issued to push the price back to 100. Why can we offer such a high interest rate of 11.5%. The interest given out does not come from the revenue of Micro Strategy's own software business, and it does not have that much income. Instead, it comes from borrowing new to repay old debts and the rise of Bitcoin. Of course, the second part is still a loss. However, currently the company has reserved $2 billion specifically for interest payments, which is enough for three years. Is this model sustainable? Will it collapse. As mentioned earlier, the current cash reserves of Micro Strategy are sufficient to generate interest for three years, so at least these three years are safe. But if this money runs out and no new money can be raised, and Bitcoin continues to decline, it will be troublesome. At that time, market confidence in STRC will collapse, stock prices will fall, and micro strategies will be forced to raise interest rates again in order to maintain the $100 position. However, if they cannot give up that much money, they may be forced to sell Bitcoin to repay debts, further accelerating the price decline of Bitcoin and eventually falling into a death spiral ... No matter what the final outcome is, I still admire Michael very much. He risked his worth and life to bear everything. In fact, if he really wants to make money to relieve pressure, there are too many "crooked ways" he can do, whether it's posting a tweet to open up short positions or speculating on his own meme, but he didn't do it. He just silently kept buying on his own.