In August 2020, a $1 billion software company put $250 million of bitcoin on its balance sheet. It was the first public company in the world to do it, and most people thought it was a stunt. Six months later, after the stock had risen tenfold, the same people called it visionary. Less than two years after that, with the stock down nearly 90%, they called it a failed experiment. A gamble that didn't pay. My friend Michael and the people around him were ridiculed for their vision. Through all of it, only one number moved in a single direction. The company owned more bitcoin at the bottom than it had at the top. Today it owns 843,775 BTC, worth over $50 billion, and the same arguments are being made again. The market changed its mind four times in six years. The underlying thesis did not. Study the greatest investors and entrepreneurs and this is always where the asymmetry sits: in the one thing everyone needs, almost nobody understands, and most people have already written off. $BTC