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👋 If you want to order custom merch while also supporting the Bitcoin network, then BlueCotton is for you! I had so much fun visiting the BlueCotton activation at Bitcoin Amsterdam Bitcoin 2026 in Las Vegas. BlueCotton is a custom screen printing and embroidery business that started mining Bitcoin... show more

Rachel Wolfson

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12,560 views • 3 months ago •via X (Twitter)

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Bitcoin saved this small business. Everyone reads about large companies putting bitcoin on their balance sheet, but this company in Kentucky is using it to improve product quality, employee retention, and customer satisfaction. Talk about real world use cases! This is one of the coolest stories I have heard in awhile. Kudos to MLC and Julie Denton. YouTube: Spotify: Apple: - Intro - Finding bitcoin - BlueCotton business - How bitcoin benefits employees - Advice to other small businesses - Response from customers - Closing statements

Bitcoin saved this small business. Everyone reads about large companies putting bitcoin on their balance sheet, but this company in Kentucky is using it to improve product quality, employee retention, and customer satisfaction. Talk about real world use cases! This is one of the coolest stories I have heard in awhile. Kudos to MLC and Julie Denton. YouTube: Spotify: Apple: - Intro - Finding bitcoin - BlueCotton business - How bitcoin benefits employees - Advice to other small businesses - Response from customers - Closing statements

Anthony Pompliano 🌪

85,427 views • 1 year ago

VanEck CEO Jan van Eck on CNBC: “There’s something else going on within the Bitcoin community that non-crypto people need to know about. And that is: ultimately, VanEck has been around before Bitcoin. We will walk away from Bitcoin if we think the thesis is fundamentally broken. We don’t right now, but you always have to look at the underlying technology and the crypto. What the Bitcoin community has been asking itself is: Is there enough encryption in Bitcoin, because quantum computing is coming? And secondly: Is there enough privacy in Bitcoin? And so a lot of Bitcoin OGs or maxis have been looking at Zcash. Zcash is a token. It’s sort of related to Bitcoin with a lot more privacy. The kind of garbage that we got about Bitcoin four years ago was: ‘It’s used for all bad illicit behavior.’ But now everyone kind of realizes that when you move money around on the Bitcoin blockchain, you can see it. You can see it move from one wallet to another. And a lot of people are looking for more privacy.”

VanEck CEO Jan van Eck on CNBC: “There’s something else going on within the Bitcoin community that non-crypto people need to know about. And that is: ultimately, VanEck has been around before Bitcoin. We will walk away from Bitcoin if we think the thesis is fundamentally broken. We don’t right now, but you always have to look at the underlying technology and the crypto. What the Bitcoin community has been asking itself is: Is there enough encryption in Bitcoin, because quantum computing is coming? And secondly: Is there enough privacy in Bitcoin? And so a lot of Bitcoin OGs or maxis have been looking at Zcash. Zcash is a token. It’s sort of related to Bitcoin with a lot more privacy. The kind of garbage that we got about Bitcoin four years ago was: ‘It’s used for all bad illicit behavior.’ But now everyone kind of realizes that when you move money around on the Bitcoin blockchain, you can see it. You can see it move from one wallet to another. And a lot of people are looking for more privacy.”

Arjun Khemani

569,098 views • 9 months ago

Most people think about Bitcoin treasury companies incorrectly Here is why I think they are good for Bitcoin & why they are misunderstood: 1) Treasury companies are capitalizing the Bitcoin industry for a century to come 2) They are future Bitcoin Banks 3) However, they are developing in the reverse order compared to everything else - monetization first and then later on core business activities -- Bitcoin has traditionally received $1 for every $100 in funds that Crypto took in - it has historically been challenging to raise money for Bitcoin focused businesses. My view is that Treasury companies are changing this, and while the first phase will simply be acquiring as much Bitcoin as possible - they will later need to ensure the value of Bitcoin grows and find ways to use BTC as capital in a larger marketplace. These firms will become the future Bitcoin Banks and also Bitcoin conglomerates. In this exact moment in time the best use of capital is simply buying Bitcoin. It's hard to meaningfully outperform BTC, and as such all these businesses will do for a while is acquire BTC. But eventually that shifts, and these firms will see more incentive to both grow and deploy Bitcoin. They then will provide capital which, among other things, supports Bitcoin businesses and projects. Many people struggle to contextualize the current "land rush" phase with what will come later. You need to take a longer view to understand these firms. The order of operations is also reversed here. Typically you build a business or technology and then as a final step monetize it via an IPO. With Bitcoin, stage 1 is looking more like direct monetization prior to creating value via products, etc. This is deeply counter intuitive to many people in traditional finance, and also to many Bitcoiners. However, because Bitcoin is primarily money at a base level it makes sense the developmental path it is taking differs significantly from other tech. The amount of time it will take for other investors to understand this presents an opportunity for those who see it sooner. More thoughts below 👇

Most people think about Bitcoin treasury companies incorrectly Here is why I think they are good for Bitcoin & why they are misunderstood: 1) Treasury companies are capitalizing the Bitcoin industry for a century to come 2) They are future Bitcoin Banks 3) However, they are developing in the reverse order compared to everything else - monetization first and then later on core business activities -- Bitcoin has traditionally received $1 for every $100 in funds that Crypto took in - it has historically been challenging to raise money for Bitcoin focused businesses. My view is that Treasury companies are changing this, and while the first phase will simply be acquiring as much Bitcoin as possible - they will later need to ensure the value of Bitcoin grows and find ways to use BTC as capital in a larger marketplace. These firms will become the future Bitcoin Banks and also Bitcoin conglomerates. In this exact moment in time the best use of capital is simply buying Bitcoin. It's hard to meaningfully outperform BTC, and as such all these businesses will do for a while is acquire BTC. But eventually that shifts, and these firms will see more incentive to both grow and deploy Bitcoin. They then will provide capital which, among other things, supports Bitcoin businesses and projects. Many people struggle to contextualize the current "land rush" phase with what will come later. You need to take a longer view to understand these firms. The order of operations is also reversed here. Typically you build a business or technology and then as a final step monetize it via an IPO. With Bitcoin, stage 1 is looking more like direct monetization prior to creating value via products, etc. This is deeply counter intuitive to many people in traditional finance, and also to many Bitcoiners. However, because Bitcoin is primarily money at a base level it makes sense the developmental path it is taking differs significantly from other tech. The amount of time it will take for other investors to understand this presents an opportunity for those who see it sooner. More thoughts below 👇

Steven Lubka ☀️

29,280 views • 1 year ago

$MSTR “My investment thesis is you buy technology companies that have a dominant place in their industry that are going to eat everything, and then you just wait.” - Michael Saylor If you embraced Saylor’s bet in 2020, sat through the volatility, and ignored the general advice along the way, you’ve achieved an annualized return most investors would dream of. Strategy despite two 70–80% drawdowns, has still compounded at 41% annually since adopting the Bitcoin Standard, outperforming Bitcoin itself over the same period. That bet started with 21,454 BTC acquired for $250 million. Today, it stands at 843,775 BTC, representing 4% of the entire Bitcoin network. If you believe Bitcoin remains the dominant monetary network, Strategy now owns roughly 20× more Bitcoin than the world’s second largest corporate holder. And while Bitcoin has spent much of this year under pressure, Strategy has still accumulated roughly 4× the entire treasury of the world’s second largest corporate holder, through its upgraded capital acquisition engine in $STRC I understand why Michael doesn’t spend much time asking for advice. Whether you agree with every decision or not, he’s spent six years executing one thesis with remarkable consistency. Mission Strategy. $BTC $MSTR $STRC

$MSTR “My investment thesis is you buy technology companies that have a dominant place in their industry that are going to eat everything, and then you just wait.” - Michael Saylor If you embraced Saylor’s bet in 2020, sat through the volatility, and ignored the general advice along the way, you’ve achieved an annualized return most investors would dream of. Strategy despite two 70–80% drawdowns, has still compounded at 41% annually since adopting the Bitcoin Standard, outperforming Bitcoin itself over the same period. That bet started with 21,454 BTC acquired for $250 million. Today, it stands at 843,775 BTC, representing 4% of the entire Bitcoin network. If you believe Bitcoin remains the dominant monetary network, Strategy now owns roughly 20× more Bitcoin than the world’s second largest corporate holder. And while Bitcoin has spent much of this year under pressure, Strategy has still accumulated roughly 4× the entire treasury of the world’s second largest corporate holder, through its upgraded capital acquisition engine in $STRC I understand why Michael doesn’t spend much time asking for advice. Whether you agree with every decision or not, he’s spent six years executing one thesis with remarkable consistency. Mission Strategy. $BTC $MSTR $STRC

Zaid 🟧

28,537 views • 1 month ago

So, does it matter that Bitcoin seems to be moving away from its cypherpunk roots? Bitcoin ETFs and Bitcoin Treasuries have taken BTC mainstream. So I asked Saifedean Ammous this very question. His answer might surprise you... 👀👇 "If you have very strong feelings about how people should and shouldn't use Bitcoin, you're in for a rough time." "To be honest, a lot of people project too much onto Bitcoin. Ultimately, it's just a bunch of software and anybody can use it in any way they want. Initially, it's a small subset of people that use it and then they start projecting their values onto it. And then over time, they expect it to continue to abide by that," Ammous said. "If it's a successful technology, it's going to be used by everybody. It's going to be used by small businesses, large businesses, governments, individuals. It's money. Everybody uses money. There are 8.5 billion people on Earth, they all use money and they're all going to continue to use money. And Bitcoin is just the best money." Ultimately, the protocol itself is immune to the financial instruments that TradFi has concocted. If people want to lend against their BTC or create complex financial products, that does not actually impact the underlying network. "The way that the protocol works is that it's completely blind to what you're doing with your coins on the Bitcoin blockchain there is no paper Bitcoin there's no such thing as paper Bitcoin there's only 21 million Bitcoin and every node makes sure of that every 10 minutes and then if somebody who has some of these Bitcoin on their private key decides to sell obligations or financial liabilities referring to that Bitcoin under any condition, that's their choice. It's outside of Bitcoin and it's outside of the realm of other Bitcoin users being able to say this is right or wrong and this should happen or shouldn't happen. People are going to do whatever they want with the Bitcoin, including selling access to it or exposure to it in all kinds of different ways. And if you don't like it, you don't buy it, you can stack your own Bitcoin." You can find the full interview for Cointelegraph in the 🧵. If you enjoyed this content, please like 🧡, retweet 🔁 and follow me 👋!

So, does it matter that Bitcoin seems to be moving away from its cypherpunk roots? Bitcoin ETFs and Bitcoin Treasuries have taken BTC mainstream. So I asked Saifedean Ammous this very question. His answer might surprise you... 👀👇 "If you have very strong feelings about how people should and shouldn't use Bitcoin, you're in for a rough time." "To be honest, a lot of people project too much onto Bitcoin. Ultimately, it's just a bunch of software and anybody can use it in any way they want. Initially, it's a small subset of people that use it and then they start projecting their values onto it. And then over time, they expect it to continue to abide by that," Ammous said. "If it's a successful technology, it's going to be used by everybody. It's going to be used by small businesses, large businesses, governments, individuals. It's money. Everybody uses money. There are 8.5 billion people on Earth, they all use money and they're all going to continue to use money. And Bitcoin is just the best money." Ultimately, the protocol itself is immune to the financial instruments that TradFi has concocted. If people want to lend against their BTC or create complex financial products, that does not actually impact the underlying network. "The way that the protocol works is that it's completely blind to what you're doing with your coins on the Bitcoin blockchain there is no paper Bitcoin there's no such thing as paper Bitcoin there's only 21 million Bitcoin and every node makes sure of that every 10 minutes and then if somebody who has some of these Bitcoin on their private key decides to sell obligations or financial liabilities referring to that Bitcoin under any condition, that's their choice. It's outside of Bitcoin and it's outside of the realm of other Bitcoin users being able to say this is right or wrong and this should happen or shouldn't happen. People are going to do whatever they want with the Bitcoin, including selling access to it or exposure to it in all kinds of different ways. And if you don't like it, you don't buy it, you can stack your own Bitcoin." You can find the full interview for Cointelegraph in the 🧵. If you enjoyed this content, please like 🧡, retweet 🔁 and follow me 👋!

Gareth Jenkinson

34,417 views • 9 months ago

BIG NEWS! The Bitcoin Mining Museum has officially evolved into the new Bitcoin Discovery Center. A 30,000 sq ft facility in Dallas, TX that will house the Museum, an Education Center working with youth, a Bitcoin art gallery, and the world’s first Bitcoin storefront. It will also include an Event Center available to book for Bitcoin-themed weddings, conference side events, meetups, and more—all under a new nonprofit status. We have done SO MUCH legwork to get here. Now we need YOU, the Bitcoin community, to help us reach a grand opening. We have already received $25,000 this morning from an OG donor. For Whales / OGs / PubCos interested in giving back to the community through a sizeable contribution, naming rights are available. DMs are open. Our Museum has FINALLY found a home. Our goal is an orange ribbon-cutting grand opening by Summer 2026 with a full house. Nothing like this has ever been done in 17 years of Bitcoin history. We can accept USD and Bitcoin. Visit our new website for more 👇

BIG NEWS! The Bitcoin Mining Museum has officially evolved into the new Bitcoin Discovery Center. A 30,000 sq ft facility in Dallas, TX that will house the Museum, an Education Center working with youth, a Bitcoin art gallery, and the world’s first Bitcoin storefront. It will also include an Event Center available to book for Bitcoin-themed weddings, conference side events, meetups, and more—all under a new nonprofit status. We have done SO MUCH legwork to get here. Now we need YOU, the Bitcoin community, to help us reach a grand opening. We have already received $25,000 this morning from an OG donor. For Whales / OGs / PubCos interested in giving back to the community through a sizeable contribution, naming rights are available. DMs are open. Our Museum has FINALLY found a home. Our goal is an orange ribbon-cutting grand opening by Summer 2026 with a full house. Nothing like this has ever been done in 17 years of Bitcoin history. We can accept USD and Bitcoin. Visit our new website for more 👇

BitcoinDiscoveryCenter

48,605 views • 7 months ago

🎙The Future of Africa’s CBDC & Bitcoin Ep. 59 with Abubakar Nur Khalil on You’re The Voice | Podcast by Efrat Fenigson My guest today is Abubakar Nur Khalil, a Nigerian Bitcoin Core contributor, CEO of the Bitcoin venture fund Recursive Capital Recursive Capital, and one of only four board members of Btrust Btrust - a nonprofit supporting Bitcoin development in Africa. At just 25 years old, Abubakar is transforming the African Bitcoin ecosystem by training developers, advancing Bitcoin adoption, and supporting decentralized financial solutions. In this episode, we explore Nigeria’s CBDC rollout of the eNaira, why it failed, the cash shortages, and the growing Bitcoin adoption. Abubkar shares his journey from contributing to Bitcoin Core to leading Btrust's mission of decentralizing Bitcoin development in the Global South. He also shares about the challenges of scaling Bitcoin adoption in Africa, the revolutionary role of Bitcoin mining in electrifying rural communities, and the untapped potential of Bitcoin in empowering Africa’s youth and businesses. ► If you got value, please like, comment, share, follow and support my work. Thank you! (00:00) Coming Up… (00:57) Introduction to Abubakar (03:48) The Journey to Becoming a Board Member of Btrust (09:08) Btrust’s Vision & Support for African Bitcoin Developers (12:58) Being Young & Successful (15:48) The eNaira - Nigeria’s CBDC (21:58) Cash Shortages in Nigeria (25:58) eNaira’s Failure & Speeding up Bitcoin Adoption (32:41) The CNGN - Nigeria's Stablecoin Initiative (35:01) Africa's Economic Landscape and Bitcoin Mining (40:15) Corruption and Governance Challenges in Africa (42:32) How Common Struggles Unify Africa (44:32) Non-Smartphones Can Use The Lightning Network (46:53) Ethiopia's Energy and Bitcoin Mining Potential (48:20) Why Are Most Bitcoin Transactions in Africa B2B (50:25) Regulatory Developments for Bitcoin Exchanges in Nigeria (52:54) Promising Future Projects in Bitcoin (56:58) Message of Hope >>

🎙The Future of Africa’s CBDC & Bitcoin Ep. 59 with Abubakar Nur Khalil on You’re The Voice | Podcast by Efrat Fenigson My guest today is Abubakar Nur Khalil, a Nigerian Bitcoin Core contributor, CEO of the Bitcoin venture fund Recursive Capital Recursive Capital, and one of only four board members of Btrust Btrust - a nonprofit supporting Bitcoin development in Africa. At just 25 years old, Abubakar is transforming the African Bitcoin ecosystem by training developers, advancing Bitcoin adoption, and supporting decentralized financial solutions. In this episode, we explore Nigeria’s CBDC rollout of the eNaira, why it failed, the cash shortages, and the growing Bitcoin adoption. Abubkar shares his journey from contributing to Bitcoin Core to leading Btrust's mission of decentralizing Bitcoin development in the Global South. He also shares about the challenges of scaling Bitcoin adoption in Africa, the revolutionary role of Bitcoin mining in electrifying rural communities, and the untapped potential of Bitcoin in empowering Africa’s youth and businesses. ► If you got value, please like, comment, share, follow and support my work. Thank you! (00:00) Coming Up… (00:57) Introduction to Abubakar (03:48) The Journey to Becoming a Board Member of Btrust (09:08) Btrust’s Vision & Support for African Bitcoin Developers (12:58) Being Young & Successful (15:48) The eNaira - Nigeria’s CBDC (21:58) Cash Shortages in Nigeria (25:58) eNaira’s Failure & Speeding up Bitcoin Adoption (32:41) The CNGN - Nigeria's Stablecoin Initiative (35:01) Africa's Economic Landscape and Bitcoin Mining (40:15) Corruption and Governance Challenges in Africa (42:32) How Common Struggles Unify Africa (44:32) Non-Smartphones Can Use The Lightning Network (46:53) Ethiopia's Energy and Bitcoin Mining Potential (48:20) Why Are Most Bitcoin Transactions in Africa B2B (50:25) Regulatory Developments for Bitcoin Exchanges in Nigeria (52:54) Promising Future Projects in Bitcoin (56:58) Message of Hope >>

Efrat Fenigson

28,032 views • 1 year ago

Launching the UK’s first Bitcoin Business Network 🚀 We are bringing together like-minded entrepreneurs and founders who share one goal: protecting what they have built and building stronger businesses for the future. The Bitcoin Business Network is for UK leaders who think in years, not weeks. If you’re only here for quick price tips, it’s probably not for you. If you want to plug into the group of businesses shaping how Bitcoin is used in the UK and grow alongside them over time. You’re in the right place. Bitcoin can give your business a competitive advantage, but only with the right strategy. You do not have to navigate it alone. More information in the 🧵👇

Launching the UK’s first Bitcoin Business Network 🚀 We are bringing together like-minded entrepreneurs and founders who share one goal: protecting what they have built and building stronger businesses for the future. The Bitcoin Business Network is for UK leaders who think in years, not weeks. If you’re only here for quick price tips, it’s probably not for you. If you want to plug into the group of businesses shaping how Bitcoin is used in the UK and grow alongside them over time. You’re in the right place. Bitcoin can give your business a competitive advantage, but only with the right strategy. You do not have to navigate it alone. More information in the 🧵👇

The ₿itcoin Collective

28,729 views • 7 months ago

At Swissblock we have created "The Hawkeye Framework". #Bitcoin is an asset which has performed really well. But it has also seen large pullbacks - and outright crashs. "The Hawkeye Framework" has OUTPERFORMED Bitcoin's over the last few years. Simply by getting you IN and OUT of Bitcoin at right time. If you want to navigate BTC successfully - and avoid the large declines and pullbacks - then take a look at this video.

At Swissblock we have created "The Hawkeye Framework". #Bitcoin is an asset which has performed really well. But it has also seen large pullbacks - and outright crashs. "The Hawkeye Framework" has OUTPERFORMED Bitcoin's over the last few years. Simply by getting you IN and OUT of Bitcoin at right time. If you want to navigate BTC successfully - and avoid the large declines and pullbacks - then take a look at this video.

Henrik Zeberg

132,065 views • 1 year ago

Making Sense Of Strategy What is happening with $MSTR? If you’ve been following me on X for any meaningful length of time, you will know that I have been attempting to calibrate people’s expectations of the stock's performance for the best part of 2025. Here I have synthesised all of my thoughts and distilled them into a single video. If you prefer YouTube, you can watch it here: If you prefer written format, continue reading. The first thing we need to understand is what Strategy is and why people invest in it. Strategy At the highest level, Strategy is leveraged Bitcoin. That’s it. Strategy leverages debt to acquire more Bitcoin. Therefore, the main reason you invest in Strategy is because you want to outperform Bitcoin. The only thing better than Bitcoin is more Bitcoin. The second thing we need to understand is mNAV. mNAV Generally speaking for a pure-play Bitcoin Treasury Company like Strategy, mNAV is a reflection of the market's expectation of future Bitcoin Yield. Bitcoin Yield comes with diminishing returns because each additional Bitcoin purchase contributes less to Bitcoin Per Share. Thus, the larger your Bitcoin stack, the harder it becomes to generate Bitcoin Yield and by extension the harder it becomes to outperform Bitcoin. This is why on a Bitcoin Standard, over a long enough time horizon, mNAV trends towards 1 since the maximum amount of Bitcoin you can own is 21M. With all this in mind, why is Strategy trading where it is and why is it trading at such a low mNAV? There are a few reasons. 1. Strategy Is A Different Company In 2025 Firstly, Strategy is a totally different company in 2025 to the one it was in 2020. For context, believe it or not, the company only introduced Bitcoin Yield and Bitcoin Per Share in the July 2024 Q2 Earnings Call and so it was only after that that they began optimising for those metrics. In my view, that is also when Michael Saylor truly started to understand the opportunity that was in front of him, which is why in October 2024 we saw Strategy announce the 21/21 plan which became the catalyst for the parabolic run we saw in November 2024 where $MSTR went on to briefly hit an all-time-high of around $550. Since people are comparing $MSTR this cycle to the $MSTR of last cycle when it briefly traded at an mNAV of over 8x, it is distorting their expectations. Again, Strategy is a totally different company today with a totally different set of dynamics. 2. New Industry Secondly, we need to recognise that the Bitcoin Treasury Company industry is entirely new which means that the market has been forced to learn and adapt in real-time. With Strategy being the first and by far the largest Bitcoin Treasury Company, it has gained a disproportionate amount of attention and as a result it has attracted a disproportionate amount of speculative capital along the way while everyone has been trying to figure out how to value it. Consequently, in my view, the move we saw in November 2024 was an over-correction to the upside — which by the way coincided with Bitcoin’s parabolic run following Donald Trump’s election win — and what we’re now seeing is an over-correction to the downside. 3. Bitcoin Yield Thirdly, as I mentioned at the beginning, Bitcoin Treasury Companies are currently valued based on how much Bitcoin Yield they are expected to generate in the future. At the time of recording, Strategy currently holds precisely 637,460 Bitcoin — that’s over 3% of the total Bitcoin supply — which means that it is much, much harder to generate meaningful Bitcoin Yield, which again is why we’re seeing the mNAV compress. However, there is a caveat here. There is another metric that Strategy have introduced which is Bitcoin $ Gain. Bitcoin $ Gain is defined as the $ value of newly acquired Bitcoin within any period. Strategy — and I don’t blame them — have been attempting to encourage the market to interpret Bitcoin $ Gain as “earnings” and to value the company based on how much earnings it is expected to generate in the future. For full disclosure, I personally dislike Bitcoin $ Gain as a valuation metric. I think framing it as “earnings” is misleading and disingenuous. I understand why it has been introduced because it speaks the language of Wall Street. However, traditional earnings are final. Bitcoin $ Gain is not because it is forever subject to the price of Bitcoin. Therefore, for Bitcoin $ Gain to be embraced by Wall Street, the market must collectively agree that Bitcoin is going up forever. I remain very sceptical of that happening — especially in the short-to-medium term. However, I am also not attached to my beliefs and so if Wall Street does decide to embrace Bitcoin $ Gain as its primary valuation metric, then $MSTR is likely undervalued by a factor of 5-10x. If not, then $MSTR is likely undervalued by a factor of 1-2x. If you’re not content with the latter being the worst case scenario, then the stock probably isn’t for you. 4. Preferred Products Fourthly, the Strategy thesis right now revolves entirely around the success of its preferred products. Remember, Michael Saylor wants Strategy to become the Amazon of the fixed income market. Thus, we’re not talking about a small innovation here — we are talking about completely transforming global finance. This means that the process of generating awareness and educating the market that will ultimately drive demand for these products is going to take years — not months — which is why you need to have a long time-horizon. Presently, the market is completely discounting the success of Strategy’s preferred products. What it’s not factoring in however is that the capital markets are desperate for yield right now. Thus, when — not if — but when, they eventually wake up to Bitcoin, how do you think they’re going to get that yield? Who is going to be the entity that is offering Bitcoin-backed credit instruments at scale? The answer is obviously Strategy, but again, this is a 5-to-10 year and beyond story. So with all that said, if you’re reading this right now, what should you do? Valuing Strategy There are 3 steps you need to take: 1. Firstly, you need to define your time horizon. In other words, how long do you intend on holding the stock for? 2. Secondly, you need to estimate either — depending on your preferred metric — how much Bitcoin Yield or how much Bitcoin $ Gain you expect Strategy to generate during that period and then calculate how much you expect $MSTR to outperform Bitcoin based on those values. 3. Thirdly, ask yourself whether you’d be satisfied with the level of outperformance you have calculated? In other words, is the trade-off worth it? Or would you be better off investing in either spot Bitcoin, an alternative Bitcoin Treasury Company or a Bitcoin ETF. If you’re satisfied with the level of outperformance that you’ve calculated, then $MSTR it probably a good choice of investment for you. If you're not satisfied, then $MSTR is probably a bad choice of investment for you. I personally believe that $MSTR will outperform Bitcoin by a minimum factor of 1-2x over the next 5/10 years and potentially much more if Bitcoin $ Gain becomes the primary metric by which it is valued, but again, I remain sceptical of that happening. Regardless, the best is yet to come.

Making Sense Of Strategy What is happening with $MSTR? If you’ve been following me on X for any meaningful length of time, you will know that I have been attempting to calibrate people’s expectations of the stock's performance for the best part of 2025. Here I have synthesised all of my thoughts and distilled them into a single video. If you prefer YouTube, you can watch it here: If you prefer written format, continue reading. The first thing we need to understand is what Strategy is and why people invest in it. Strategy At the highest level, Strategy is leveraged Bitcoin. That’s it. Strategy leverages debt to acquire more Bitcoin. Therefore, the main reason you invest in Strategy is because you want to outperform Bitcoin. The only thing better than Bitcoin is more Bitcoin. The second thing we need to understand is mNAV. mNAV Generally speaking for a pure-play Bitcoin Treasury Company like Strategy, mNAV is a reflection of the market's expectation of future Bitcoin Yield. Bitcoin Yield comes with diminishing returns because each additional Bitcoin purchase contributes less to Bitcoin Per Share. Thus, the larger your Bitcoin stack, the harder it becomes to generate Bitcoin Yield and by extension the harder it becomes to outperform Bitcoin. This is why on a Bitcoin Standard, over a long enough time horizon, mNAV trends towards 1 since the maximum amount of Bitcoin you can own is 21M. With all this in mind, why is Strategy trading where it is and why is it trading at such a low mNAV? There are a few reasons. 1. Strategy Is A Different Company In 2025 Firstly, Strategy is a totally different company in 2025 to the one it was in 2020. For context, believe it or not, the company only introduced Bitcoin Yield and Bitcoin Per Share in the July 2024 Q2 Earnings Call and so it was only after that that they began optimising for those metrics. In my view, that is also when Michael Saylor truly started to understand the opportunity that was in front of him, which is why in October 2024 we saw Strategy announce the 21/21 plan which became the catalyst for the parabolic run we saw in November 2024 where $MSTR went on to briefly hit an all-time-high of around $550. Since people are comparing $MSTR this cycle to the $MSTR of last cycle when it briefly traded at an mNAV of over 8x, it is distorting their expectations. Again, Strategy is a totally different company today with a totally different set of dynamics. 2. New Industry Secondly, we need to recognise that the Bitcoin Treasury Company industry is entirely new which means that the market has been forced to learn and adapt in real-time. With Strategy being the first and by far the largest Bitcoin Treasury Company, it has gained a disproportionate amount of attention and as a result it has attracted a disproportionate amount of speculative capital along the way while everyone has been trying to figure out how to value it. Consequently, in my view, the move we saw in November 2024 was an over-correction to the upside — which by the way coincided with Bitcoin’s parabolic run following Donald Trump’s election win — and what we’re now seeing is an over-correction to the downside. 3. Bitcoin Yield Thirdly, as I mentioned at the beginning, Bitcoin Treasury Companies are currently valued based on how much Bitcoin Yield they are expected to generate in the future. At the time of recording, Strategy currently holds precisely 637,460 Bitcoin — that’s over 3% of the total Bitcoin supply — which means that it is much, much harder to generate meaningful Bitcoin Yield, which again is why we’re seeing the mNAV compress. However, there is a caveat here. There is another metric that Strategy have introduced which is Bitcoin $ Gain. Bitcoin $ Gain is defined as the $ value of newly acquired Bitcoin within any period. Strategy — and I don’t blame them — have been attempting to encourage the market to interpret Bitcoin $ Gain as “earnings” and to value the company based on how much earnings it is expected to generate in the future. For full disclosure, I personally dislike Bitcoin $ Gain as a valuation metric. I think framing it as “earnings” is misleading and disingenuous. I understand why it has been introduced because it speaks the language of Wall Street. However, traditional earnings are final. Bitcoin $ Gain is not because it is forever subject to the price of Bitcoin. Therefore, for Bitcoin $ Gain to be embraced by Wall Street, the market must collectively agree that Bitcoin is going up forever. I remain very sceptical of that happening — especially in the short-to-medium term. However, I am also not attached to my beliefs and so if Wall Street does decide to embrace Bitcoin $ Gain as its primary valuation metric, then $MSTR is likely undervalued by a factor of 5-10x. If not, then $MSTR is likely undervalued by a factor of 1-2x. If you’re not content with the latter being the worst case scenario, then the stock probably isn’t for you. 4. Preferred Products Fourthly, the Strategy thesis right now revolves entirely around the success of its preferred products. Remember, Michael Saylor wants Strategy to become the Amazon of the fixed income market. Thus, we’re not talking about a small innovation here — we are talking about completely transforming global finance. This means that the process of generating awareness and educating the market that will ultimately drive demand for these products is going to take years — not months — which is why you need to have a long time-horizon. Presently, the market is completely discounting the success of Strategy’s preferred products. What it’s not factoring in however is that the capital markets are desperate for yield right now. Thus, when — not if — but when, they eventually wake up to Bitcoin, how do you think they’re going to get that yield? Who is going to be the entity that is offering Bitcoin-backed credit instruments at scale? The answer is obviously Strategy, but again, this is a 5-to-10 year and beyond story. So with all that said, if you’re reading this right now, what should you do? Valuing Strategy There are 3 steps you need to take: 1. Firstly, you need to define your time horizon. In other words, how long do you intend on holding the stock for? 2. Secondly, you need to estimate either — depending on your preferred metric — how much Bitcoin Yield or how much Bitcoin $ Gain you expect Strategy to generate during that period and then calculate how much you expect $MSTR to outperform Bitcoin based on those values. 3. Thirdly, ask yourself whether you’d be satisfied with the level of outperformance you have calculated? In other words, is the trade-off worth it? Or would you be better off investing in either spot Bitcoin, an alternative Bitcoin Treasury Company or a Bitcoin ETF. If you’re satisfied with the level of outperformance that you’ve calculated, then $MSTR it probably a good choice of investment for you. If you're not satisfied, then $MSTR is probably a bad choice of investment for you. I personally believe that $MSTR will outperform Bitcoin by a minimum factor of 1-2x over the next 5/10 years and potentially much more if Bitcoin $ Gain becomes the primary metric by which it is valued, but again, I remain sceptical of that happening. Regardless, the best is yet to come.

Chris Millas

36,835 views • 11 months ago

Upstream Data has a new software initiative starting with our LoadSync™ industrial bitcoin mining controller. We converted from PLC controls to a much more scalable embedded Linux based architecture. This project is led by b_rowan and James Hilliard. Brett gives an overview of what it can do today, but there's so much more coming soon! LoadSync is just the beginning of our software plans, I can't wait to show you what we have in store. Our long term goal for LoadSync is to have a drop-in product for every bitcoin mine on the planet at any scale. A complete fleet management tool for everything associated with a bitcoin mining load. LoadSync is built upon an open source library also maintained by Brett, called PyASIC. More and more bitcoin miners are integrating PyASIC every day, you should too! Go find it on GitHub. At Upstream Data we intend to continue leading the industry in technology, product application and high performance bitcoin mining infrastructure.

Upstream Data has a new software initiative starting with our LoadSync™ industrial bitcoin mining controller. We converted from PLC controls to a much more scalable embedded Linux based architecture. This project is led by b_rowan and James Hilliard. Brett gives an overview of what it can do today, but there's so much more coming soon! LoadSync is just the beginning of our software plans, I can't wait to show you what we have in store. Our long term goal for LoadSync is to have a drop-in product for every bitcoin mine on the planet at any scale. A complete fleet management tool for everything associated with a bitcoin mining load. LoadSync is built upon an open source library also maintained by Brett, called PyASIC. More and more bitcoin miners are integrating PyASIC every day, you should too! Go find it on GitHub. At Upstream Data we intend to continue leading the industry in technology, product application and high performance bitcoin mining infrastructure.

Steve Barbour

27,049 views • 2 years ago

Holding Bitcoin is great, but want to do more? 🤔 A wrapped Bitcoin offers new opportunities ‼️ » That's why we created zenBTC - Zenrock's wrapped Bitcoin solution. » It's permissionless, safe, and fast to transact on almost all EVMs and Solana. You will soon be able to move your Bitcoin in and out of the native Bitcoin network with minimal risk. In this video, we demonstrate how to swap BTC for DAI on an EVM network using zrSign. 👇

Holding Bitcoin is great, but want to do more? 🤔 A wrapped Bitcoin offers new opportunities ‼️ » That's why we created zenBTC - Zenrock's wrapped Bitcoin solution. » It's permissionless, safe, and fast to transact on almost all EVMs and Solana. You will soon be able to move your Bitcoin in and out of the native Bitcoin network with minimal risk. In this video, we demonstrate how to swap BTC for DAI on an EVM network using zrSign. 👇

zenBTC

12,453 views • 1 year ago

Debunking the Flat Bitcoin Theory 🧵 In the early days of Bitcoin (2009-2014) there was a massive amount of experimentation and innovation on bitcoin The first NFTs and cryptoart started on Bitcoin The first memecoins started on Bitcoin The first stablecoins and real world assets started on Bitcoin The first dapps started on Bitcoin The first DEX started on Bitcoin The first on-chain governance started on Bitcoin The first crypto degens were playing Satoshi Dice on Bitcoin But then the OP_RETURN wars happened and people like Luke Dashjr vilified innovation and scared builders away resulting in a long period of stagnation (2015-2023) This period of stagnation gave birth to the Flat Bitcoin Theory which infected the minds of nearly everyone The Flat Bitcoin Theory is a belief held by "Flat Bitcoiners" who think that Bitcoin is a boring blockchain that is not capable of the innovative use cases that we see on alt L1s like Ethereum or Solana But thankfully in January 2023 Casey burst onto the scene with the ordinals protocol and one by one people have been waking up from this lie and realizing that Bitcoin is actually multidimensional and capable of everything you could possibly imagine and more Since then Bitcoin has experienced a renaissance of innovation with a new set of builders picking up where the set of OG builders left off Jeremy Lin | 🔄 DotSwap (On Nexus) from DOTSWAP•DOTSWAP - Official has defied all FUD and delivered a trustless liquidity pool style experience on Bitcoin L1 for Runes with zero MEV Stan from Sats Terminal has built an advanced order routing and aggregation engine for Runes trading on Bitcoin L1 Scott | Bound from radFi has revived the Runes trenches with a token launchpad on Bitcoin L1 that thousands of people use every day Robin from Liquidium | Bitcoin Loans built a Runes and Ordinals lending protocol that has processed hundreds of millions of dollars of volume which proves that DeFi can thrive on Bitcoin L1 domo and Binari from BRC 2.0 and Tagga from Alkanes have been relentlessly pursing a vision for general purpose smart contracts on Bitcoin L1 TO from Pizza Pets built a fully on-chain multiplayer game directly on Bitcoin L1 Ken Liao from built a Bitcoin wallet for interacting with Bitcoin L1 dapps that is so sleek that it puts Ethereum's flagship wallet MetaMask to shame danny huuep from OnChainMonkey® pioneered a new way to store an entire 10K PFP collection on Bitcoin for only $23 that is now widely adopted by hundreds of other Ordinals collections SergeSats has formed the Bitcoin Art Society to preserve Bitcoin's on-chain culture for future generation has dedicated months of his life to ensuring that once a year there is a place where bitcoin builders can gather to celebrate experimentation on bitcoin at Bitcoin Summit Massive decentralized communities like the $DOG Army and Bitcoin Puppets have rallied together to support all of these innovations and champion the Bitcoin ecosystem Do not ever let anyone tell you that Bitcoin is not capable of something or that you must only use Bitcoin in a certain way The Bitcoin network is more secure and robust longterm when it is winning at developer mindshare and blocks are filled with a diverse set of on-chain activity It is up to us, the Ordinals, Runes, and Bitcoin DeFi ecosystem to be stewards of this technology now so go build the most badass applications possible and never stop fighting for innovation on Bitcoin!

Debunking the Flat Bitcoin Theory 🧵 In the early days of Bitcoin (2009-2014) there was a massive amount of experimentation and innovation on bitcoin The first NFTs and cryptoart started on Bitcoin The first memecoins started on Bitcoin The first stablecoins and real world assets started on Bitcoin The first dapps started on Bitcoin The first DEX started on Bitcoin The first on-chain governance started on Bitcoin The first crypto degens were playing Satoshi Dice on Bitcoin But then the OP_RETURN wars happened and people like Luke Dashjr vilified innovation and scared builders away resulting in a long period of stagnation (2015-2023) This period of stagnation gave birth to the Flat Bitcoin Theory which infected the minds of nearly everyone The Flat Bitcoin Theory is a belief held by "Flat Bitcoiners" who think that Bitcoin is a boring blockchain that is not capable of the innovative use cases that we see on alt L1s like Ethereum or Solana But thankfully in January 2023 Casey burst onto the scene with the ordinals protocol and one by one people have been waking up from this lie and realizing that Bitcoin is actually multidimensional and capable of everything you could possibly imagine and more Since then Bitcoin has experienced a renaissance of innovation with a new set of builders picking up where the set of OG builders left off Jeremy Lin | 🔄 DotSwap (On Nexus) from DOTSWAP•DOTSWAP - Official has defied all FUD and delivered a trustless liquidity pool style experience on Bitcoin L1 for Runes with zero MEV Stan from Sats Terminal has built an advanced order routing and aggregation engine for Runes trading on Bitcoin L1 Scott | Bound from radFi has revived the Runes trenches with a token launchpad on Bitcoin L1 that thousands of people use every day Robin from Liquidium | Bitcoin Loans built a Runes and Ordinals lending protocol that has processed hundreds of millions of dollars of volume which proves that DeFi can thrive on Bitcoin L1 domo and Binari from BRC 2.0 and Tagga from Alkanes have been relentlessly pursing a vision for general purpose smart contracts on Bitcoin L1 TO from Pizza Pets built a fully on-chain multiplayer game directly on Bitcoin L1 Ken Liao from built a Bitcoin wallet for interacting with Bitcoin L1 dapps that is so sleek that it puts Ethereum's flagship wallet MetaMask to shame danny huuep from OnChainMonkey® pioneered a new way to store an entire 10K PFP collection on Bitcoin for only $23 that is now widely adopted by hundreds of other Ordinals collections SergeSats has formed the Bitcoin Art Society to preserve Bitcoin's on-chain culture for future generation has dedicated months of his life to ensuring that once a year there is a place where bitcoin builders can gather to celebrate experimentation on bitcoin at Bitcoin Summit Massive decentralized communities like the $DOG Army and Bitcoin Puppets have rallied together to support all of these innovations and champion the Bitcoin ecosystem Do not ever let anyone tell you that Bitcoin is not capable of something or that you must only use Bitcoin in a certain way The Bitcoin network is more secure and robust longterm when it is winning at developer mindshare and blocks are filled with a diverse set of on-chain activity It is up to us, the Ordinals, Runes, and Bitcoin DeFi ecosystem to be stewards of this technology now so go build the most badass applications possible and never stop fighting for innovation on Bitcoin!

Leonidas 🧡 $DOG

63,009 views • 11 months ago

Are you ready for BTC Vegas 2025? 🎰 Frank Corva gives us a sneak peek of what The Bitcoin Conference has lined up this year. If you want to network & work in Bitcoin, make new friendships & connections and meet the biggest names in the space - this event is for you! I’m especially excited to co-host our 4th annual Women of Bitcoin Brunch on May 27—expect fresh faces, inspiring stories, and a few surprises. Plan your trip, lock in your pass, and use code HODL for 10 % off. See you on the Strip!

Are you ready for BTC Vegas 2025? 🎰 Frank Corva gives us a sneak peek of what The Bitcoin Conference has lined up this year. If you want to network & work in Bitcoin, make new friendships & connections and meet the biggest names in the space - this event is for you! I’m especially excited to co-host our 4th annual Women of Bitcoin Brunch on May 27—expect fresh faces, inspiring stories, and a few surprises. Plan your trip, lock in your pass, and use code HODL for 10 % off. See you on the Strip!

Natalie Brunell ⚡️

44,428 views • 1 year ago

HUGE BREAKING news for $BTC 🔥 Forget the #Bitcoin 4-year cycle if you don't want to miss out on the massive opportunity ahead. Legend Japan 🇯🇵 predicts a strong surge for #BTC starting in October 2026, with the price hitting $400,000 by 2029. In the previous cycle, he bought Bitcoin at $4,000 and sold all at $97,000 He is also the only trader followed by both CZ (Binance) and Star Xu (OKX) on X, thanks to his exceptional analysis. That is why you should follow this Japanese legend: Ryker 🇯🇵 🇯🇵

HUGE BREAKING news for $BTC 🔥 Forget the #Bitcoin 4-year cycle if you don't want to miss out on the massive opportunity ahead. Legend Japan 🇯🇵 predicts a strong surge for #BTC starting in October 2026, with the price hitting $400,000 by 2029. In the previous cycle, he bought Bitcoin at $4,000 and sold all at $97,000 He is also the only trader followed by both CZ (Binance) and Star Xu (OKX) on X, thanks to his exceptional analysis. That is why you should follow this Japanese legend: Ryker 🇯🇵 🇯🇵

Tony Research

83,664 views • 1 month ago

This was my first BTC conference in Vegas, and honestly… I couldn’t be more bullish. I want you to experience it too, so here's a petite video recap. 🔥 For three days, Bitcoin took over the city! It was impressive to see so many bullish people gathered in one place. You’d sit down for 5 minutes and end up in a deep conversation about self-custody, Lightning, or even BTC staking. There were a lot of talks about where Bitcoin is heading next, especially around BTC DeFi, lending, and new ways to unlock liquidity without giving up custody. 👀 Vegas is loud, but Bitcoin was louder. Stay ₿ullish! 💪🧡

This was my first BTC conference in Vegas, and honestly… I couldn’t be more bullish. I want you to experience it too, so here's a petite video recap. 🔥 For three days, Bitcoin took over the city! It was impressive to see so many bullish people gathered in one place. You’d sit down for 5 minutes and end up in a deep conversation about self-custody, Lightning, or even BTC staking. There were a lot of talks about where Bitcoin is heading next, especially around BTC DeFi, lending, and new ways to unlock liquidity without giving up custody. 👀 Vegas is loud, but Bitcoin was louder. Stay ₿ullish! 💪🧡

LaPetite🦋🍄

33,082 views • 4 months ago

Jack Dorsey calls him the guardian angel of Bitcoin, and at BitcoinDay Naples, Luke Dashjr didn't hold back. "Bitcoin has probably a single-digit percentage chance of surviving." 🤯 From the "malware" in Core 30 to why your full node is the only thing standing between Bitcoin and fiat, this is the most honest conversation on the timeline. NICO⚡️ from Simply Bitcoin sat down for a high-stakes conversation about the technical and existential threats facing the network today. If you aren't running a node or mining with OCEAN, you are trusting someone else with your freedom.

Jack Dorsey calls him the guardian angel of Bitcoin, and at BitcoinDay Naples, Luke Dashjr didn't hold back. "Bitcoin has probably a single-digit percentage chance of surviving." 🤯 From the "malware" in Core 30 to why your full node is the only thing standing between Bitcoin and fiat, this is the most honest conversation on the timeline. NICO⚡️ from Simply Bitcoin sat down for a high-stakes conversation about the technical and existential threats facing the network today. If you aren't running a node or mining with OCEAN, you are trusting someone else with your freedom.

BitcoinDay

49,165 views • 4 months ago