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It's a gift from above. It truly is. It's a gift to the patients. It's a gift to the convicted
1:32
in Michael sailor. Man, he is right in that rocket. And Michael sailor posted yesterday,
1:37
there isn't enough Bitcoin for everyone. There's just not enough Bitcoin for everyone,
1:43
especially when what is stretch doing? Well, stretch is doing this. It bought around 700 Bitcoin
1:50
yesterday. Of course, this is just an estimate based off of strc.lives site,
1:55
which is really fascinating to watch. You can actually click replay here and they just do a
1:59
great job kind of showing you all the stretch purchases that are being ATMs as the day goes on.
2:06
And you can actually be tuning in and watching this live. It's very fascinating. And again,
2:12
they have a pretty good estimate of how much they were within six percent last week. They
2:19
refine a couple things. I'm actually going to guess that they're going to be within four percent
2:22
this week. So these numbers are pretty close. So around 700,000 Bitcoin were purchased just
2:28
yesterday based off of stretch ATM. Things are happening. The flywheel is happening. And then you
2:34
have this amazing post from Saturn from Saturn underscore credit about stretch from price discovery
2:40
to scale discovery. It's a long article. It talks about scale discovery, price stabilization was
2:46
happening over the past 30 days. As you can see, you know, there was some volatility here. But
2:50
it's really the 30 day average prices really flatten out for the first time. And that's looking
2:57
just fantastic. You can see what's happening here as these charts are kind of showing how long
3:03
stretches at 100. And to me, these short lines right here, these were like the few days to a
3:14
week at most before the snapshot happens in weeks past. Now you're going to start to see that
3:20
this line extend out further and further because stretches are going to likely be trading at a
3:25
hundred percent for 10 days, 10 trading days. So two weeks prior to the snapshot date. So this
3:33
this chart is going to keep looking better and better. They go down through par analysis,
3:37
which is cool importance. How they return to par analysis takes less than less time.
3:42
The stretch weekly issuance, you know, again, these are before snapshot dates. And again,
3:46
these charts are going to start looking better as well. The nominal amount and millions. This
3:51
number is going to keep going up into the right, obviously. And as they kind of scroll down
3:57
here to the bottom, stretch found product market fits in traditional markets. Saturn extends it
4:03
to the rest of the world, unlocking 11% plus Bitcoin back to yield for global investors. Because
4:08
one of the main points that Saturn makes in this is that stretches is actually only available
4:14
to a certain percentage of people that have access to the NASDAQ essentially to be able to buy
4:20
on traditional markets. So it's a huge market for sale, which is why he's only focused on that.
4:26
We're talking between 150 to 300 trillion dollars, like more money than can just know what to do with.
4:33
So he's just focused on taking as big of a piece of a pie of that as possible.
4:38
And then people like Saturn are coming in and they're tackling the rest of the world. So
4:43
it's great to see how these products are being built on top of stretch. It's just bullish for
4:49
everything, for Bitcoin, for MSTR, for stretch, for humanity. Rajas says MSTR bought almost a
4:56
thousand Bitcoin yesterday and has already bought about 620 today. And again, they ended at about
5:00
700 Bitcoin by the day's end. The current price is not sustainable based on these numbers.
5:06
They will be buying at least 200,000 Bitcoin a year of the foreseeable future. That's 105 years
5:10
of supply. But MSTR isn't the only one buying BlackRock will probably accumulate more than MSTR
5:15
because it's clients who are exposure down to 50 years of supply. Plebs are likely buying 10 to
5:20
100 coins a day down to 45 years of supply. And that's if everyone who is Bitcoin today sells what
5:25
they have. What happens if stretch is so successful that volume, which is a billion dollars a day,
5:29
MSTR will be buying at least 5,000 Bitcoin per day. That's an insane number, by the way, 5,000
5:34
Bitcoin per day. That means there's even fewer days of supply than expected. There isn't enough
5:38
Bitcoin. Bitcoin under 100K is temporary. Take advantage while you can. And then Rohan shares
5:45
this graph that Saturn took and posted about the longer stretch trades near par. The more people
5:51
trust it and the more trust means easier for the mechanism to maintain the peg. The positive
5:55
feedback loop is working. So you can see touched it here back in October, stayed there for a little
6:00
while in November, touched it for a little while in December and January. I mean, this is a good
6:05
stretch. Obviously that was stretches best week. And now we've already surpassed that. And it's
6:10
just going to keep on going to the right. So exciting, exciting times. Joe says it's incredible
6:17
that six years ago, strategy created the simplest and most powerful business model of this decade
6:21
and almost no one copied it scale by Bitcoin and issue long duration USD liabilities with no margin
6:28
call. Last year, the upgrade of the model further even further with a public digital credit.
6:32
And still only one company strive has built something similar. And again, I invest in strive as
6:37
part of the treasury titans. Somehow, the most simple, powerful business model,
6:42
amplified Bitcoin with no margin call is an extremely uncrowded trade.
6:48
Chris says, here we go. Search queries for stretch. If it had all time high on Google,
6:53
are you starting to understand what's happening?
6:59
I love it. Michael Taylor posts Bitcoin back credit capital inequity on a risk off day.
7:04
You know, he posted the day before when everything was green. But now he wants to show us what happens
7:08
to things are red. Well, I bet goes down MSR goes down more. It's called volatility. But what
7:13
happens to stretch on a negative day? Flat as a flip and pancake stays above 100 stays above
7:20
all day long. And we have a great clip from Michael Taylor that you are not going to want to miss.
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I hope that you are really strapped in for what this proof of concept has is meaning for stretch,
7:35
for strategy for MSTR shareholders for Bitcoin in general. We are making it. We are getting there.
7:43
Now, if only the banks would stop being unbelievably pathetic and blocking this clarity bill,
7:49
things would really start lining up here. But of course, even after all things line up,
7:54
there's always the next obstacle in the next challenge. It will never end. But we all know
7:58
where this ship is going. It's going higher over time. So sit back, relax. And after our sponsor,
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9:22
So with that, the digital credit ecosystem, it is emerging, right?
9:28
Layer one, we can't take credit for. That's Bitcoin. Layer two, we're in the business of creating
9:34
that credit instrument, right? What are we going to do at our company? Well, we're just going to
9:39
build the AUM as stretch as high as we can, build the liquidity as high as we can,
9:43
laser-like focus until people have a billion dollars a day liquidity, two billion dollars a day
9:48
liquidity, five billion dollars a day liquidity, strip the ball as low as we can, but we're never
9:54
going to be able to offer pure digital money or digital yield in every possible flavor or package
9:59
on every platform, nor do we want to. So the layer three is that digital money, digital yield layer,
10:05
and we're already seeing an exploding ecosystem of partners, buck, Saturn, apex, hope. It's very
10:14
exciting. If you've got a Bitcoin treasury company, you've got 500 million dollars, and you know,
10:19
you're trying to figure what do you do next? Create an ETF, you know, upgrade and wrap stretch with it,
10:25
and then get the license to be the first company in your market to be able to offer this digital
10:32
monetary or digital digital yield instrument, right? So it's a license to print money. How do you
10:38
make money? Well, you know, offer five, six percent digital money in Japan to everybody and
10:44
take a hundred basis points off it, and that leaves me with, you know, the result of all this.
10:51
If you go about the process of creating digital credit, then you create value for the digital
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equity. So MSTR is digital equity. You can see for the past five and a half years what's going on,
11:05
right? Bitcoin is outperforming the S&P in gold. MSTR is amplified Bitcoin. If you can sign up for
11:13
the wall, you can actually get the reward. Now, amplification creates volatility. How much?
11:20
This is the top 10 company, the most volatile companies in the S&P 500. I'm showing the top 10 to you.
11:27
Right? We're number three, right? There are two companies in the S&P that are more volatile,
11:32
but here's a more important chart. What you're seeing there is the absolute open interest where
11:39
we don't have the highest open interest, but we're one of the top 15. But what we are is the number
11:45
one open interest market cap adjusted. So in terms of the relationship of open interest to the
11:53
underlying market cap, we are the most intensely interesting company in the S&P universe.
12:01
And if you look at the bottom chart, that's showing trading volume liquidity. And what you can
12:07
see is we're the most liquid equity in the entire S&P universe. Okay, so did we actually spend
12:15
money to get that? No, we didn't spend a dime. We'd spent no money to become the most liquid,
12:21
most interesting company in the entire S&P 500 universe. That is the result of creating digital
12:28
credit on digital capital. Right? And what is the use of the capital? The use of the capital
12:38
is to create the credit. What's the credit? Do the credit creates amplification? The amplification
12:43
creates Bitcoin per share. The Bitcoin per share creates the equity premium. It is the function of
12:50
the company. And if you turn up that amplification, you can double the Bitcoin per share over seven
12:57
years. You might triple it over seven years. So if you're the equity investor, you're buying a
13:03
company that generates Bitcoin per share. If you're the credit investor, you're you're buying a
13:09
credit instrument to pay US dollar yield. But it's just a very simple swap of Bitcoin yield
13:15
for US dollar yield. You can't have the one without the other. But as you can see here,
13:24
this is a very powerful model. And the way it works out is once you crank up the amplification,
13:32
you can expect to outperform the Bitcoin by anywhere from 30% to 100% or more.
13:40
And have a heck of a good time while you're doing it. It's definitely very interesting.
13:47
For those of you interested in the relationship of amplification to growth rate, here it is. It's
13:52
not very complicated. And on the subject of digital, it's all recorded. You can download that and you
14:01
could you can screenshot that and study it. CJ will probably do one hour podcast on that formula.
14:11
What's the second best? There is no second best.
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Rinse knows that greatness takes time. But so does laundry. So rinse will take your laundry and
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hand-deliver it to your door, expertly cleaned. And you can take the time pursuing your passions.
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Time one spent sorting and waiting, folding and queuing, now spent challenging and innovating
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and pushing your way to greatness. So pick up the Irish flute or those calligraphy pens or that
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daunting beef Wellington recipe card and leave the laundry to us. Rinse, it's time to be great.