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It’s St. Patrick’s Day weekend, and once again the question comes up: why isn’t there a curfew being enforced? On any normal weekend in our city, we already see groups of juveniles out late at night running around, causing chaos, getting into fights, damaging property, and putting themselves and...

40,769 Aufrufe • vor 5 Monaten •via X (Twitter)

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Good afternoon, everyone. It was an honor to meet everyone and talk with you at MSTR True North World — among friends, pioneers, skeptics, and the quietly curious. Since January of 2021, I’ve been studying Bitcoin. And over the last 6 months, I’ve spent more than 121 hours interviewing executives, analysts, allocators, CFOs, board members, and everyday Bitcoiners across New York, Miami, Boston, Paris and beyond. I’ve sat in boardrooms and basements, on stages and at poolside bars. I’ve heard ideas sharpened by experience — and caution shaped by capital risk. And what I’ve come away with is simple: Bitcoin treasuries are no longer theory. They are becoming practice. Quietly, strategically, and at the edges of the legacy system. I've come away with three lessons. Lesson 1: No one’s asking “why” anymore—they’re asking “how.” The shift is subtle, but it’s everywhere. In 2021, the question was: Why would we hold Bitcoin on a corporate balance sheet? In 2023, it became: What are the risks? How do we explain this to auditors and boards? Now in 2025, it’s: What’s our timing strategy? What percentage makes sense? Which vendors do we engage with for custody and beyond? Lesson 2: The conversation isn’t just financial—it’s philosophical. This isn’t just about a hedge—it’s about preparing for a world that feels less anchored. Bitcoin represents something beyond volatility charts. It’s about opt-out optionality. It’s about control. That’s why it’s attractive to sovereigns, startups, and mid-market CEOs alike. Lesson 3: Geography matters—but mindset matters more. In El Salvador, Bitcoin is infrastructure. In Paris, it’s a hedge against monetary orthodoxy. In New York, it’s a bet on innovation. But everywhere I go, the common thread isn’t politics or price—it’s resilience. The smartest people in capital markets today are quietly exploring how Bitcoin can help them withstand turbulence — not chase returns. The world is shifting beneath our feet. Inflation targets are guesses. Debt ceilings are flexible. Global trust in fiat systems is fraying. And in that context, Bitcoin isn’t just a tech play — it’s a strategic reserve choice. The positioning has shifted. We’re no longer betting on Bitcoin. We’re acknowledging it. That’s the future we’re walking into — not maximalist or minimalist, but realist. Realists are saying: “Let’s not put 100% of our reserves into this—but let’s not ignore it either.” They’re adding 1%, 2%, 3%—quietly. And what that means is: the next chapter of adoption won’t necessarily be loud. It’ll be layered into spreadsheets, policies, and quarterly risk disclosures. But none of this happens in a vacuum. Bitcoin isn’t just about bytes and blocks — it’s about people. The community I’ve met through these 121 hours—analysts, entrepreneurs, regulators, CFOs—they all have something in common: They’ve had the conversation. They’ve questioned the system. They’ve reached for something sturdier, even when it felt risky. In that way, Bitcoin treasuries aren’t just about capital reserves. They’re about emotional reserves. About saying: “We want to build something we believe in—even if it’s hard to explain on CNBC.” So what’s next? We’re entering a phase where Bitcoin will coexist with the legacy system—not replace it overnight. Treasuries won’t go all in. But they’ll lean in. They’ll study, they’ll test, and eventually, they’ll move. And as that happens, it won’t be a parade. It’ll be a process. So my invitation to you—whether you’re a Bitcoiner, a builder, a skeptic, or a steward of capital — is this: Keep having the conversation. Keep asking “how.” And most importantly—stay connected to the people who are asking questions of you. Because at the intersection of code and community, we’re building the next generation of financial truth. Thank you. Let’s keep going.

Tim Kotzman

30,181 Aufrufe • vor 1 Jahr