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The #GOATNetwork Global Tour goes beyond geography. Each stop opens space for real BTC yield, local access, and tools that let Bitcoin serve people over platforms. We gather in person to shape systems that enable income and support long-term sovereignty. Next up: 🔸July 30 – Hanoi #BTCFi Social Night...

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Introducing: Team1 Brasil 🇧🇷 Across Brazil, Team1 was already building a foundation and creating opportunities for builders before launching an official chapter. Over the past 1.5 years, we have achieved: - 30+ events, reaching 3,000+ participants across major tech hubs - 10 university collaborations, integrating Avalanche into academic programs and classrooms - Multiple sports-led initiatives, engaging directly with football players and local communities - 8+ virtual workshops, with 460+ total participants, from builders to developers across Brazil But the real impact goes beyond the numbers. We’ve helped transform first contact into real participation, onboarded the Brazilian community to Avalanche, and supported early-stage projects that are still growing today. From academic environments to grassroots communities, the focus has always been simple: Create spaces where people don’t just learn about Web3, they start building in it. As the ecosystem expanded, so did our network. From ecosystem projects to universities and local Web3 communities, we’ve focused on building relationships that actually create opportunities for builders. This is how ecosystems scale. Through people and local community, not just platforms 🔺 Join our community and Luma below 👇
0:27

Introducing: Team1 Brasil 🇧🇷 Across Brazil, Team1 was already building a foundation and creating opportunities for builders before launching an official chapter. Over the past 1.5 years, we have achieved: - 30+ events, reaching 3,000+ participants across major tech hubs - 10 university collaborations, integrating Avalanche into academic programs and classrooms - Multiple sports-led initiatives, engaging directly with football players and local communities - 8+ virtual workshops, with 460+ total participants, from builders to developers across Brazil But the real impact goes beyond the numbers. We’ve helped transform first contact into real participation, onboarded the Brazilian community to Avalanche, and supported early-stage projects that are still growing today. From academic environments to grassroots communities, the focus has always been simple: Create spaces where people don’t just learn about Web3, they start building in it. As the ecosystem expanded, so did our network. From ecosystem projects to universities and local Web3 communities, we’ve focused on building relationships that actually create opportunities for builders. This is how ecosystems scale. Through people and local community, not just platforms 🔺 Join our community and Luma below 👇

Team1 Brasil

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In an AMA CZ 🔶 BNB with David J. Namdar shared his long term vision for #BNB BNB Network Company (BNC) 🔸 Every chance I get, I remind people to focus on the long term on building and on helping others. 🔸 If you need support from me personally from YZi Labs , or from any team inside or outside the BNB Chain ecosystem we are always ready to help. This ecosystem must grow together, and collaboration benefits everyone 🔸 For BNB Chain the opportunity is greater as an open decentralized protocol the mission is to empower 10B+ people with financial access. 🔸 It’s not about price targets or overtaking Bitcoin the real benchmark is how many people we can help as a community. 🔸 The more people we help, the stronger this community becomes a self-growing phenomenon.
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In an AMA CZ 🔶 BNB with David J. Namdar shared his long term vision for #BNB BNB Network Company (BNC) 🔸 Every chance I get, I remind people to focus on the long term on building and on helping others. 🔸 If you need support from me personally from YZi Labs , or from any team inside or outside the BNB Chain ecosystem we are always ready to help. This ecosystem must grow together, and collaboration benefits everyone 🔸 For BNB Chain the opportunity is greater as an open decentralized protocol the mission is to empower 10B+ people with financial access. 🔸 It’s not about price targets or overtaking Bitcoin the real benchmark is how many people we can help as a community. 🔸 The more people we help, the stronger this community becomes a self-growing phenomenon.

AB 🔶 BNB

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In the traditional system it’s hard to jump classes. Bitcoin gives ordinary people a real shot to build wealth and change their lives.” - Kevin🌿, Core Contributor at GOAT Network 🟡 Bitcoin is open, scarce, and permissionless - so you don’t need to be “accredited” or plugged into legacy finance to participate. In Las Vegas, Kevin Liu explained how most people don’t want to sell their BTC; they want it to work for them. That’s where sustainable, Bitcoin-native yield matters. GOAT Network’s approach is to keep things on Bitcoin’s rails and align incentives. Users keep self-custody and can park BTC in a time-locked “safebox.” Instead of speculative rewards, yield is sourced from the network’s real usage: as on-chain activity grows, fees/revenue are shared back to participants. More activity → more revenue → more yield - without relying on token emissions or hidden leverage. It’s a path to turning idle BTC into a productive asset while staying aligned with Bitcoin’s security model. Watch the full conversation to see how this model works and what it could do for you (not financial advice):
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In the traditional system it’s hard to jump classes. Bitcoin gives ordinary people a real shot to build wealth and change their lives.” - Kevin🌿, Core Contributor at GOAT Network 🟡 Bitcoin is open, scarce, and permissionless - so you don’t need to be “accredited” or plugged into legacy finance to participate. In Las Vegas, Kevin Liu explained how most people don’t want to sell their BTC; they want it to work for them. That’s where sustainable, Bitcoin-native yield matters. GOAT Network’s approach is to keep things on Bitcoin’s rails and align incentives. Users keep self-custody and can park BTC in a time-locked “safebox.” Instead of speculative rewards, yield is sourced from the network’s real usage: as on-chain activity grows, fees/revenue are shared back to participants. More activity → more revenue → more yield - without relying on token emissions or hidden leverage. It’s a path to turning idle BTC into a productive asset while staying aligned with Bitcoin’s security model. Watch the full conversation to see how this model works and what it could do for you (not financial advice):

House of ZK

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1,200+ Languages. One Vision for AI Inclusion. 🤝 How do we bridge the gap between global technology and local culture? We are thrilled to share highlights from our recent developer session, co-hosted by Tongyi Lab x YiXi, featuring insights from our partners at AI Singapore. In this video, Jian Gang Ngui from AI Singapore dives into the critical mission of building AI that truly understands the linguistic and cultural nuances of Southeast Asia—a region home to 700+ million people speaking over 1,200 languages. By leveraging Qwen, Gemma, and other state-of-the-art open-source foundation models, AISG is working hand-in-hand with native communities to integrate local languages and cultural contexts to build LLMs that are truly accessible and relevant to everyone. Proud to support AISG in this journey!
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1,200+ Languages. One Vision for AI Inclusion. 🤝 How do we bridge the gap between global technology and local culture? We are thrilled to share highlights from our recent developer session, co-hosted by Tongyi Lab x YiXi, featuring insights from our partners at AI Singapore. In this video, Jian Gang Ngui from AI Singapore dives into the critical mission of building AI that truly understands the linguistic and cultural nuances of Southeast Asia—a region home to 700+ million people speaking over 1,200 languages. By leveraging Qwen, Gemma, and other state-of-the-art open-source foundation models, AISG is working hand-in-hand with native communities to integrate local languages and cultural contexts to build LLMs that are truly accessible and relevant to everyone. Proud to support AISG in this journey!

Alibaba Cloud

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Vigilant Fox 🦊

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Hello Abuja, Today, as we gather to commemorate International Youth Day—a day that acknowledges the crucial role young people play in shaping our world's future—I am honored to stand in solidarity with the youth of our nation, particularly those in the FCT, and from around the world. I also wish to reaffirm our dedication to empowering them for a sustainable future. We stand at a critical juncture in human history, where the decisions we make today will shape the future of our planet. Climate change, inequality, and social injustice threaten our very existence. Yet, I stand before you with hope, inspired by the passion, creativity, and determination of our young people. Youth empowerment is not only a moral imperative but also an economic and social necessity. Investing in our youth means investing in our future. We must provide them with access to quality education, skills training, and opportunities for participation in decision-making processes. As leaders, we must create an enabling environment that fosters innovation, entrepreneurship, and creativity. We must listen to their voices, value their perspectives, and support their initiatives. We must also address the systemic barriers that prevent many young people from reaching their full potential. To the young people of the FCT, I say this: we hear you, we see you, and we believe in you. We will work tirelessly to ensure you have the resources, support, and opportunities you need to thrive. Let us join forces to build a world that is just, equitable, and sustainable for all—a world where young people can grow, flourish, and lead. Happy International Youth Day! -Iretikingibe
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Sen. Ireti Kingibe

14,954 views • 2 years ago

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11:59

Today, I met with the Acting Chairman of Agege Local Government, Hon. Ganiu Obasa in company of other heads of agencies, permanent secretaries and directors, to strengthen collaboration between the State and Local Governments on environmental sustainability and waste management. Our discussion focused on how to move from a linear waste system, where we simply pick and drop, to a circular system where waste becomes a resource. This is the future we are building for Lagos. We agreed that real progress in achieving a cleaner, flood-free, and sustainable Lagos must begin at the grassroots. The Local Governments and LCDAs play a critical role in ensuring that every household, market, and street supports the State’s vision for a cleaner environment. As part of our action points: Environmental Health Officers will work directly with LAWMA to strengthen enforcement and ensure prompt waste collection. LASPARK will support identified areas in Agege with greenery and beautification. Drainage engineers attached to the LGA will provide technical support on flooding and channel maintenance. This partnership is a reminder that sustainability is a shared responsibility. Together, we can build the cleaner, safer, and more resilient Lagos we all deserve. #CleanerLagos #GreaterLagos

Tokunbo Wahab

89,634 views • 10 months 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 🟠 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!
13:29

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 🟠 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

62,981 views • 11 months ago

"Why would I spend my Bitcoin? It's your one chance to save generational wealth." You'll often hear that from Bitcoiners in the Western world. But in 🇿🇦, we have a different relationship with money. "When you do start spending Bitcoin, you buy more Bitcoin so you can spend it as well, then you end up saving more as well. So you actually end up in a better position," says BTCarel 🟠⚡️🇿🇦 from Money⚡️Badger. It's even more powerful in Bitcoin circular economies, as Hermann Vivier from Bitcoin Ekasi explains. "What we're trying to do is to get Bitcoin to flow within the local community. It's not about how many merchants you onboard. It's about what happens to the sats that you spend," Vivier explains. "It's not about going out and onboarding shops. It's about onboarding one shop and then playing detective and finding out what they are doing with the sats that they are receiving." "You want to try and circulate the sats in the local community. You don't want those sats to leave the local community as far as possible. And with the effect being that when people are spending sats in our local circular economy, the value stays within the community." This was one of my favourite Bitcoin-focused #CHAINREACTION shows to date. Thanks again to vryfokkenou Stafford Masie Carel de Jager for joining Robert Baggs and I. You can find the full conversation on Cointelegraph in the comments 👇
4:31

"Why would I spend my Bitcoin? It's your one chance to save generational wealth." You'll often hear that from Bitcoiners in the Western world. But in 🇿🇦, we have a different relationship with money. "When you do start spending Bitcoin, you buy more Bitcoin so you can spend it as well, then you end up saving more as well. So you actually end up in a better position," says BTCarel 🟠⚡️🇿🇦 from Money⚡️Badger. It's even more powerful in Bitcoin circular economies, as Hermann Vivier from Bitcoin Ekasi explains. "What we're trying to do is to get Bitcoin to flow within the local community. It's not about how many merchants you onboard. It's about what happens to the sats that you spend," Vivier explains. "It's not about going out and onboarding shops. It's about onboarding one shop and then playing detective and finding out what they are doing with the sats that they are receiving." "You want to try and circulate the sats in the local community. You don't want those sats to leave the local community as far as possible. And with the effect being that when people are spending sats in our local circular economy, the value stays within the community." This was one of my favourite Bitcoin-focused #CHAINREACTION shows to date. Thanks again to vryfokkenou Stafford Masie Carel de Jager for joining Robert Baggs and I. You can find the full conversation on Cointelegraph in the comments 👇

Gareth Jenkinson

45,508 views • 10 months 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.
11:54

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

From Cerro Azúl, Guaviare, Colombia – WWF Colombia – singer songwriter, WWF UK ambassador & UN Environment Programme Global Goodwill Ambassador, Ellie Goulding has a message for world leaders: move beyond promises and take action for people and nature. On the ground in the Amazon rainforest, Ellie met and listened to communities that live and work in nature firsthand, witnessing their vital role in safeguarding biodiversity. She urges leaders: “Indigenous Peoples and local communities hold knowledge and the answers we need, and they must be part of the solution.” In areas like the Amazon rainforest, communities in the most vulnerable situations – who have done the least to cause the nature crisis – experience the greatest impact. We can’t let this continue. Do you want to see action for people and nature? Share this post and tell leaders to protect forests! UN Environment Programme #UNGA
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From Cerro Azúl, Guaviare, Colombia – WWF Colombia – singer songwriter, WWF UK ambassador & UN Environment Programme Global Goodwill Ambassador, Ellie Goulding has a message for world leaders: move beyond promises and take action for people and nature. On the ground in the Amazon rainforest, Ellie met and listened to communities that live and work in nature firsthand, witnessing their vital role in safeguarding biodiversity. She urges leaders: “Indigenous Peoples and local communities hold knowledge and the answers we need, and they must be part of the solution.” In areas like the Amazon rainforest, communities in the most vulnerable situations – who have done the least to cause the nature crisis – experience the greatest impact. We can’t let this continue. Do you want to see action for people and nature? Share this post and tell leaders to protect forests! UN Environment Programme #UNGA

Ellie Goulding

144,279 views • 2 years ago

Our Nation is confronted with a growing movement determined to reshape the United States into something unrecognizable, a system echoing Marxist-communist models. Increasingly, we see candidates openly advancing this socialist agenda. This concern is not confined to traditionally blue states. The pressure is real, even in red states like Florida and Texas. In every community, the voice of the American people must remain strong, clear, and protected. WE must take responsibility by registering, voting, staying informed, and holding leaders accountable. Local elections for school boards, county commissions, and city councils matter as much as national races. The policies that shape our communities, educate our children, and protect our freedoms begin at the local level. The strength of our Republic has always depended on the active participation of its people. LOCAL ACTION = NATIONAL IMPACT
0:50

Our Nation is confronted with a growing movement determined to reshape the United States into something unrecognizable, a system echoing Marxist-communist models. Increasingly, we see candidates openly advancing this socialist agenda. This concern is not confined to traditionally blue states. The pressure is real, even in red states like Florida and Texas. In every community, the voice of the American people must remain strong, clear, and protected. WE must take responsibility by registering, voting, staying informed, and holding leaders accountable. Local elections for school boards, county commissions, and city councils matter as much as national races. The policies that shape our communities, educate our children, and protect our freedoms begin at the local level. The strength of our Republic has always depended on the active participation of its people. LOCAL ACTION = NATIONAL IMPACT

General Mike Flynn

125,844 views • 11 months ago

Texas Rep. Wesley Hunt Drops the Hammer on Democrats Opposed to Voter ID at Senate Hearing: “…Let me clear. Making it to the polls to vote in person with an ID in this country today is a very low bar, extremely low bar. We can do it. White people can do it. Black people can do it. Americans can do it. And we should all want that for free and fair elections…” Voter ID doesn’t prevent people from Voting, it prevents people from cheating! If we want our Votes to count we must have Election Laws that are enforced in ALL 50 States meaning: -In person(Mail-in for overseas Military and if you’re disabled) -Paper ballots only(Ditch the voting machines) -No drop boxes -One Day -Valid Voter ID with picture -Signature verification
5:57

Texas Rep. Wesley Hunt Drops the Hammer on Democrats Opposed to Voter ID at Senate Hearing: “…Let me clear. Making it to the polls to vote in person with an ID in this country today is a very low bar, extremely low bar. We can do it. White people can do it. Black people can do it. Americans can do it. And we should all want that for free and fair elections…” Voter ID doesn’t prevent people from Voting, it prevents people from cheating! If we want our Votes to count we must have Election Laws that are enforced in ALL 50 States meaning: -In person(Mail-in for overseas Military and if you’re disabled) -Paper ballots only(Ditch the voting machines) -No drop boxes -One Day -Valid Voter ID with picture -Signature verification

ꪻꫝể ꪻꫝể

644,526 views • 2 years ago

Stablecoins may be about far more than preserving dollar dominance, warns Catherine Austin Fitts (The Solari Report | Catherine Austin Fitts). She tells Michelle Makori that if people around the world are pushed out of local currencies and into U.S. stablecoins financing the Treasury market, it could shift sovereignty itself. “If you … get everybody to move off of their local currency and into stablecoins, financing the U.S. Treasury market, you implode all their local economies and banking systems. They all become a form of citizen of the dollar syndicate. You shift their sovereignty from one country to another. You are tendering for 8 billion people in the open market,” says Fitts. Watch the full interview on The Real Story with Michelle Makori:
2:50

Stablecoins may be about far more than preserving dollar dominance, warns Catherine Austin Fitts (The Solari Report | Catherine Austin Fitts). She tells Michelle Makori that if people around the world are pushed out of local currencies and into U.S. stablecoins financing the Treasury market, it could shift sovereignty itself. “If you … get everybody to move off of their local currency and into stablecoins, financing the U.S. Treasury market, you implode all their local economies and banking systems. They all become a form of citizen of the dollar syndicate. You shift their sovereignty from one country to another. You are tendering for 8 billion people in the open market,” says Fitts. Watch the full interview on The Real Story with Michelle Makori:

Miles Franklin Precious Metals

13,769 views • 1 month ago

💡 Most people still just HODL their Bitcoin and wait for the next pump. But what if your BTC could actually work for you instead of just sitting idle? That is where BOB comes in. BOB is a hybrid chain that takes Bitcoin's security and plugs it into Ethereum's flexibility. With BitVM and zkStack you get to use native BTC directly, no wrapped tokens or shady shortcuts. On BOB your BTC can finally move: 👉 Stake and earn yield 👉 Borrow stables when you need liquidity 👉 Trade across ETH, SOL, SUI without friction 👉 Pay instantly with BTC, no gas headaches And for builders it is a full EVM environment with account abstraction, zero gas fees and backed by Bitcoin liquidity. This is not just an experiment. BOB is becoming the real gateway for Bitcoin DeFi. Your BTC is no longer passive digital gold, it is becoming the fuel for the next wave of on-chain finance. 🚀 GBOB fam, the future is being built right now.
0:59

💡 Most people still just HODL their Bitcoin and wait for the next pump. But what if your BTC could actually work for you instead of just sitting idle? That is where BOB comes in. BOB is a hybrid chain that takes Bitcoin's security and plugs it into Ethereum's flexibility. With BitVM and zkStack you get to use native BTC directly, no wrapped tokens or shady shortcuts. On BOB your BTC can finally move: 👉 Stake and earn yield 👉 Borrow stables when you need liquidity 👉 Trade across ETH, SOL, SUI without friction 👉 Pay instantly with BTC, no gas headaches And for builders it is a full EVM environment with account abstraction, zero gas fees and backed by Bitcoin liquidity. This is not just an experiment. BOB is becoming the real gateway for Bitcoin DeFi. Your BTC is no longer passive digital gold, it is becoming the fuel for the next wave of on-chain finance. 🚀 GBOB fam, the future is being built right now.

Crypto Sinan

14,831 views • 10 months ago

Bitcoin is money AND digital gold. The two are not mutually exclusive. For Michael Saylor - it's the purest form of digital credit. For David Marcus - it's the payment rails of the future. "No one cares what humans think about how people need to Bitcoin because it's an unopinionated, code-based money platform." The Lightspark founder is forging ahead with building Bitcoin-based payment rails, while Saylor and Strategy are doubling down on Bitcoin-backed financial products. "I'm really grateful that Michael is really focused on the store of value use case, and he can do that, and I can be the one focused on bringing utility to Bitcoin. Both things will actually help one another to make Bitcoin more relevant to many more people and that's the beauty of building on an open network," Marcus told Robert Baggs and me on our latest Chain Reaction show. Marcus has been keenly focused on abstracting complexity away from payments using Bitcoin payments infrastructure with the launch of Lightspark Grid. "It's like Bitcoin as a network being used to move all kinds of other money, whether it's stablecoin or fiat at the edges, and you don't even understand that you're using Bitcoin. For instance, if you're a SoFi client in the US, and you want to send money to Europe or India, Brazil or Mexico, you send dollars and the other person on the other side receives Mexican peso, you have no clue you're using Bitcoin. And it's like magical TCP/IP for money between payment systems in the world." Bitcoin infrastructure works. Like most widely adopted technologies, the average person has no idea what's going on under the hood. That is the future that takes Bitcoin global. And it's being built in real-time.
4:50

Bitcoin is money AND digital gold. The two are not mutually exclusive. For Michael Saylor - it's the purest form of digital credit. For David Marcus - it's the payment rails of the future. "No one cares what humans think about how people need to Bitcoin because it's an unopinionated, code-based money platform." The Lightspark founder is forging ahead with building Bitcoin-based payment rails, while Saylor and Strategy are doubling down on Bitcoin-backed financial products. "I'm really grateful that Michael is really focused on the store of value use case, and he can do that, and I can be the one focused on bringing utility to Bitcoin. Both things will actually help one another to make Bitcoin more relevant to many more people and that's the beauty of building on an open network," Marcus told Robert Baggs and me on our latest Chain Reaction show. Marcus has been keenly focused on abstracting complexity away from payments using Bitcoin payments infrastructure with the launch of Lightspark Grid. "It's like Bitcoin as a network being used to move all kinds of other money, whether it's stablecoin or fiat at the edges, and you don't even understand that you're using Bitcoin. For instance, if you're a SoFi client in the US, and you want to send money to Europe or India, Brazil or Mexico, you send dollars and the other person on the other side receives Mexican peso, you have no clue you're using Bitcoin. And it's like magical TCP/IP for money between payment systems in the world." Bitcoin infrastructure works. Like most widely adopted technologies, the average person has no idea what's going on under the hood. That is the future that takes Bitcoin global. And it's being built in real-time.

Gareth Jenkinson

19,172 views • 6 months ago

🧠 “You're swapping your dollars for Bitcoin upside and reduced downside and yield in perpetuity, which is nuts.” After being at Strategy world it was clear that the Strategy team views $STRK and $STRF as innovate products that can transform the market. Jeff Walton and Dan Hillery made it their mission to showcase the power of these new products on an off cycle live stream via . These products are absolutely going to eat the markets from the inside out. Liquidity and adoption will take time to mature. Listen to their conversation to get educated on who these products were built for and how Michael Saylor can leverage them to increase BTC torque. Key segments: 💸 Dual Yield Strategy: Strike offers 8.7% yield—430 bps above Treasuries—plus $MSTR upside, giving investors both fixed income and equity-style returns in one product [00:06:09]. 📊 Portfolio Flexibility Tool: $STRK suits conservative investors seeking yield with growth. Its structure lets you preserve capital while earning and gaining Bitcoin exposure [00:09:25]. ⚖️ Low-Probability Risk Profile: For $MSTR to default, $BTC must crash to ~$14K and stay there. With that event priced at 0.13% odds, $STRK offers asymmetric upside [00:13:01]. ♻️ Flywheel Effect Advantage: $STRK’s popularity helps $MSTR add more Bitcoin, boosting credit quality and yield—creating a cycle that reinforces itself over time [00:21:14]. 📈 Margin Efficiency Play: With 30% margin requirements, investors can leverage $STRK for high yield and MSTR exposure, outperforming many fixed income options [00:47:24].
2:29

🧠 “You're swapping your dollars for Bitcoin upside and reduced downside and yield in perpetuity, which is nuts.” After being at Strategy world it was clear that the Strategy team views $STRK and $STRF as innovate products that can transform the market. Jeff Walton and Dan Hillery made it their mission to showcase the power of these new products on an off cycle live stream via . These products are absolutely going to eat the markets from the inside out. Liquidity and adoption will take time to mature. Listen to their conversation to get educated on who these products were built for and how Michael Saylor can leverage them to increase BTC torque. Key segments: 💸 Dual Yield Strategy: Strike offers 8.7% yield—430 bps above Treasuries—plus $MSTR upside, giving investors both fixed income and equity-style returns in one product [00:06:09]. 📊 Portfolio Flexibility Tool: $STRK suits conservative investors seeking yield with growth. Its structure lets you preserve capital while earning and gaining Bitcoin exposure [00:09:25]. ⚖️ Low-Probability Risk Profile: For $MSTR to default, $BTC must crash to ~$14K and stay there. With that event priced at 0.13% odds, $STRK offers asymmetric upside [00:13:01]. ♻️ Flywheel Effect Advantage: $STRK’s popularity helps $MSTR add more Bitcoin, boosting credit quality and yield—creating a cycle that reinforces itself over time [00:21:14]. 📈 Margin Efficiency Play: With 30% margin requirements, investors can leverage $STRK for high yield and MSTR exposure, outperforming many fixed income options [00:47:24].

J64

63,113 views • 1 year ago