True North
@TNorth
True North is a team of investors and analysts exploring the outer edges of Bitcoin, digital credit, finance and macro economics.
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The World Has Changed... | Ep. 66
New Episode Today: 📷 4pm EST / 1pm PST
True North Episode 66 - The World Had Changed...
Agenda:
BTC Relative Market Analysis
Coffeezilla x Jeff Walton Debate
Strategy Q and A
Other Topics
Have questions you want answered on the stream? Ask them here:
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Strive: The Daily Dividend Company
Investor Update - May 2026
$ASST $SATA
True North Episode 66 is postponed to Thursday 1PM PST / 4PM EST.
Post market close.
See you all tomorrow. 🫡
@coffeebreak_YT tried to frame Bitcoin yield as dangerous.
@PunterJeff took him through the wringer.
I help clarify and break down the debate point by point while reviewing the video in 2X speed.
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$MSTR just made a statement that changes everything.
No more convertible debt. Ever.
Phong said it verbatim on the earnings call.
They're not just stopping new converts.
They're buying back the existing ones and wiping them off the balance sheet completely.
Because $STRC has been so successful they no longer need them.
The new capital structure is already winning.
@hillery_dan
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Digital Credit is the innovation. @MasonFoard
It is the entry way.
It is the platform...
In which all the capital in the world will flow into Bitcoin.
Bitcoin to $250k while Institutions Flip Bullish
@TNorth
- $MSTR to $1,000/share in 2030.
- Power Laws result in Exponential Returns.
- Options payout on $ASST relative to holding the equity; allocating risk capital.
- 2026 Macro Outlook: All roads lead to financial repression, bonds lose.
- Cash Book: Selling insurance on MSTR and ASST is the best way to collect premium along the power law trend, 50% annualized.
"The collateral is as valuable as its utility (store of value) + the products built on top of it."
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"It is the kind of yield that should not exist."
11.5% in monthly cash. Backed by Bitcoin. Sitting in plain sight on a public exchange.
@jameslavish, CFA (Bitcoin Opportunity Fund, Strive board) walks through $STRC and $SATA. The structure. Who it's built for. Where the risks actually live.
Now on @TNorth:
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Me when I hear someone say Bitcoin goes down 80-90%
If $BTC goes up 13% a year for 50 years it costs $36 million per coin.
The US debt to GDP is growing at 3.5% compounded annually.
It's already at 120%.
Fiat currencies historically last 200 years.
We're looking at one that's 250 years old.
Is $36 million $BTC realistic?
Yes. Undeniably. Absolutely.
@PunterJeff
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Investment Grade market sentiment analysis with @SullyMichaelvan & @_Adrian
True North NOW - Sentiment Analysis With Michael Sullivan
@PunterJeff mogging @coffeebreak_YT was not on my bingo card for 2026.
I want to have a debate where I get genuinely emotional about the credit risk of the Ford 2069 bonds paying 6%.
Any takers?
Strive's Jeff Walton responds to Coffeezilla calling $STRC a Ponzi scheme:
"The difference between a Ponzi scheme and a capital management vehicle is that a Ponzi scheme doesn't have reserves. A capital management vehicle does."
"Almost 100% of insurance claims paid out are funded by premiums they collect. Does that make an insurance company a Ponzi scheme?"
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