I believe Bitcoin-backed credit will be what ultimately gets BTC to $1,000,000+ and scale adoption to billions of people As collateral, Bitcoin mogs every other asset: - Easy to verify legitimacy - 24/7 liquidity - Fungible at any scale - Portable - No centralized issuer - Accessible globally However, I don’t believe perpetual preferred equity is going to be the tool that accomplishes this (because it’s not actually credit)

The first wave of Bitcoin-backed fixed income has shown the demand is real. The global opportunity is many multiples larger. Japan is a particularly compelling case. Japanese households hold roughly $7 trillion in cash and deposits earning nothing. Decades of zero-yield conditioning, a generation of conservative savers, and a regulatory framework that increasingly accommodates digital assets. The fit is hard to ignore.

LATEST: ⚡ Jack Mallers’ Strike launched Bitcoin-backed loans with no price-based liquidations, meaning a falling BTC price won’t trigger a collateral sale as long as borrowers stay current.

Bitcoin has already won as Digital Capital. The next wave is Digital Credit, Digital Money, Digital Yield, and Bitcoin-backed capital markets — products that can bring trillions of dollars of traditional credit and money market capital onto Bitcoin. My interview with @Cointelegraph at @BTCPrague. 00:57 — Bitcoin in a drawdown: five major pullbacks in six years, stronger fundamentals, and rising dominance 02:23 — Digital Credit: from zero to an $11B+ asset class in 12 months 03:35 — Digital Money: bitcoin-backed yieldcoins and the path from 40 vol to 0 vol 04:31 — The opportunity for 8% yield in dollars, euros, yen, pounds, and francs 06:02 — $300T of credit, $30–50T of money markets, and the $10T opportunity for Bitcoin 07:19 — Why Bitcoin is winning economically, technically, and ethically 08:26 — Quantum computing, FUD, and why bear markets amplify Bitcoin debates 10:37 — AI capital rotation, Bitcoin’s current drawdown, and the path to recovery 11:36 — Six years of Strategy: why I would have moved faster into Digital Credit 12:22 — The ideal Bitcoin Treasury Company: common equity plus STRC-style Digital Credit 14:35 — The 32 BTC sale, the $100M bitcoin buyback, and why capital must back credit 17:02 — Defending the equity, credit, and bitcoin-backed capital structure 19:03 — The tradeoff: buy 200,000 BTC and sell 10,000 BTC — or buy and sell zero 20:15 — “Never sell,” Twitter trolls, and Strategy’s fiduciary obligations 22:06 — Bitcoin per share, long-term accretion, and accumulating through bull and bear markets 22:34 — $21B of equity raised in 16 weeks and ~$10B of bitcoin acquired this year 24:18 — The Strategic Bitcoin Reserve, US leadership, and supportive regulation 27:18 — Digital Credit, bank credit, and Digital Money bringing trillions onto Bitcoin 28:01 — Why Bitcoin can grow organically without central bank support