Is Michael Saylor Trapped? STRC Explained | Adam Livingston

27:56I mean, that could be it. And like to me, Bitcoin is winning. Like I I wouldn't say it's already won, but it's winning and I think it will continue to win. But the problems that I have around it and the areas of concern that I have are like, I don't love that one company has 4 % of the Bitcoin supply. And again, there's nothing I can do about this. And then they can use Bitcoin however they want and they should. But I don't love that they have 4 % of the supply. I don't know where the sort of crucial number is where it's too much. But if it's 80, 90 % of the supply, clearly too much. is 4 % of the supply too much?

28:30Maybe. I just don't know. I don't love that. And like the other thing that I'm unclear on is whether this is now not actually attracting institutional investment, but dissuading institutional investment. Because like you said, Michael Saylor and Fong have come out and said like 80 % of the people buying stretch is retail. And to me, it's like, that's not a good thing. Like I thought this was meant to be aimed at institutional type investors. And are institutions looking at this and being like, let's wait and see how strategy shakes out? And is it actually putting people off? Are they concerned that strategy has too much Bitcoin can pretend like, you know, quote unquote, manipulate Bitcoin?

29:10Like these are the sort of some of the concerns that I have around it. Yeah, it's tough because obviously it's a question of like wealth inequality and the Gini coefficients. Like how much is too much? And like we know there's a finite amount and humans have never been face to face with true scarcity before. So I find it like psychologically fascinating how us humans are still absorbing it. I think we haven't even thought through the proper ramifications of Bitcoin yet. In terms of the institutional capital thing, I think that what you're seeing when you look objectively like over the past couple of years, a lot of people say that Bitcoin had its IPO moment.

29:47The OGs are selling like crazy. The individuals are selling their coins hand over fist to the institutions. like that has been the trend since the beginning of 2024. River does a great job where they'll post their graphic about this every quarter or so where it's like, you know, I don't know if it's 10 or eight consecutive quarters where like hand over fist individuals continue to sell to the institution. So I think that you raise an interesting point, like long term, will that be seen as a negative? But overall, when we look at the trend of this institutional monetization of Bitcoin, I think it's actually quite the opposite.

30:22we've seen a lot of inflows. The IBIT holders are surprisingly sticky, I think. So yeah, I think that you raise a very interesting question long-term, but like, to me, I'm like, I don't know if it's a cause for concern as of yet. If Saylor gets half of the network, maybe it will be. But yeah, thinking that hypothetical future is an interesting thought experiment. Yeah, I was reading Checkmate's recent piece on this and he raised a point that I think is super valid. It's like in a bear market, the market goes hunting for the most leveraged people and he liked they like to take him out to the woodshed and uh and chop him up and and he put a chart in there which i'm actually struggling to find but i'll put on the video so this shows like where the um where where the first impairments are for for strategy and it's around 25k um like i don't think we're going to go to 25k but i don't think it's impossible and so do you think that the market is looking at these liquidation levels and will potentially try and hunt them?

31:19Yeah, I think that it depends on what you mean by hunt exactly. When it looks like Checkmatey's math is spot on with mine, where it's$25 ,000 where the common equity is impaired, where I see a lot of people get what I see a lot of people get wrong is simply that this is calculating kind of that residual that I was just talking about, where the Bitcoin net asset value would equal the senior capital. So like the outstanding preferreds in the debt. So there's no room for the common equity. But when we look back in 2022, this exact thing happened. A lot of people don't realize this, but if you would calculate the residual exposure for the MSTR shareholders at the bottom in November of 2022, it was negative 14 ,000 sats per share.

32:05So it was in the negative and the market never valued MSTR at zero. So a lot of people run this math and they'll say, you know, MSTR goes to zero. And it's like, well, that's separating how the market values the residual versus how the residual is calculated. So essentially, it won't go to zero because there's kind of an embedded call option where, hey, maybe Bitcoin will go up again one day. And obviously, you know, price is sentiment and people will look for those opportunities. The stock was trading at a 0.7 XM nav that invites the opportunity for people to snipe that leverage Bitcoin at such a low price because your return is just higher.

32:47So it's impaired in the sense where the residual is calculated at zero. But like in terms of MSTR going to zero, I just don't see that happening at all. When you actually run the math, it's about 2022. They had minus 14 ,400 sats per share at the bottom in terms of Bitcoin exposure for MSTR shareholders. And now it's 145 ,000 today. So it's a huge gulf. like the capital structure is so much healthier. So like if we go to 25K, I don't think that it will. Like that's a crazy level of oversold. But yeah, MSTR doesn't go to zero when that happens. It's just the residual calculation. Okay. That's good nuance because I wasn't fully aware of that.

33:34And I actually didn't realize that it traded below that in 2022. That's interesting. Yeah. Yeah. 2022 is way worse for strategy, like crazy negative exposure. And I think the stock was bottom like$11. So yeah, it's quite a different story than today. What's your take on the whole digital credit narrative? Because to me, Bitcoin's just money. And I don't fully buy into the digital credit sort of narrative that's growing amongst the treasury companies. What's your take on that? Yeah, I don't mind the term digital credit. I think that you're evaluating the equities through a credit risk lens. This dictionary definition of provisioning money for the expectation of a return, like to me, it fits the dictionary Merriam-Webster definition.

34:20So a lot of people take issue with it. I don't take issue with that term. I agree with you. I don't like the digital money term either though. There was this clip, me and Jeff Walton, my friend from True North Jeff, with my recent appearance on True North, we kind of got clipped up where a lot of maxis were freaking out on us. I think that a lot of people miss the context of the entire situation where people were acting like I was advocating for digital money that's like tranched credit replacing Bitcoin as a medium of exchange. I view it as like, if some people want to do that as like an incremental improvement over traditional fiat, like if the capital goes to Bitcoin, I would view that as a net positive for the overall capitalization of the Bitcoin network.

35:08But yeah, I'm with you. I think the idea that you can like tranche out these risk tranches from a security and that's somehow money. I don't buy that narrative. So I don't like the digital money thing, but digital credit, I don't have an issue with. Okay, fair. With strategy, we're sorry, we're stretched now trading it like it's$88 post-market. this is going to take a long time to get back to par, right? I think last time it traded significantly below, it was a couple of months until it got back to$100. This is going to be sort of a prolonged stretch bear market, I imagine. Do you agree? It's tough to say because on February 5th, we saw the largest nominal Bitcoin crash in the history of the asset.

35:52And stretch rebounded in one day. So I'll be honest with you, I expected kind of the same thing where I was like, man, a rebound to 98, that should be expected. And we actually did briefly touch 97. Not after this Thursday, but with this recent overall price stress, we did see it like reach 97. I think that overall, they're going to follow the guidance that they've set forth with the volume weighted average price. If the VWAP is below$95, they will probably raise the dividend to 12%. That leads me to wonder how many of the people chasing that headline yield with SATA at 13. Like, is that enough to bring it back up to par?

36:33You saw Fong Lee today tweet that he bought a million dollars worth of STRC. So the CEO is doing his part, I guess. But yeah, I do think it'll go up to par just because I think that overall risk is mispriced with the strategy preferreds. I think the credit quality of the company is amazing. And I think that it's crazy that strategy even has to pay 11.5%. If I'm being honest with you, I think it's super wild that the dividend rate is as high as it is. It tells me that the overall broader market doesn't appreciate Bitcoin. And as a hardcore Bitcoiner, I hate that. I mean, that's something I do agree with.

37:09And if I was ever looking at buying Stretch, like this is, I imagine, one of the best buying opportunities you might ever get. Like, I don't think this is going to wipe to the right. I think it will get back to$100. Like, if you're into it, like, I get why you buy it at this point. Like, it seems very attractive. um the the interesting thing though is like bitcoin price is going to determine some of this and i i feel like it this works both ways where um strategy can have like a really good impact on the price and i think right now this is the big overhang we have like i think if we didn't have stretch trading trading way below i i imagine that bitcoin price would be doing better than it is i don't know if you agree with that yeah i might have misunderstood you are you saying that the Bitcoin price is being influenced by the stretch fiasco?

37:58I wouldn't be surprised if it was because people are then baking in like the Michael Saylor risk of Bitcoin. Yeah, I think that I'm not so sure if I agree with that, like as being a huge because I do like going back to what I said earlier, I think that we are in a super niche of a niche of a niche. Like, I don't think people know what digital credit or STRC particularly are. Even amongst Bitcoiners, I see so much misunderstanding about it. But I don't think that... But I don't know if they have to understand it to look at this. In fact, maybe it actually works because they don't understand it, because they might look at strategy being like, this looks like it's at risk of blowing up, therefore Bitcoin's going to go down.

38:36I think it can be that simple. Yeah, I just don't think that Bitcoiners who are orange-pilled, they're going to be dissuaded from buying Bitcoin because of Saylor's preferred equity. I'm not saying it doesn't have a portion of the influence on the price of Bitcoin. Of course, like if you understand Austrian economics and human action praxeology, it's the price is the reflection of an endless, uncountable number of variables. But like in terms of an overall driver, I don't think that that's sizable. I'd be interested to see like research on on the sentiment behind Bitcoin and stretch or something to maybe explore that further.

39:14But on its face value, I'm not so sure if I agree. But I think you're right. Like, I don't think orange pill Bitcoiners who are just stuck in Sats care. and I think like they'll still be buying consistently but it's the big money that I wonder if this is putting off. Yeah, I think it's definitely a possibility. I just don't know. It's difficult to say to the extent that it is. It's like an unfalsifiable thing right now. I just wish that we had more market data to tell us that but I think that it's an interesting theory. If you hold Bitcoin for long enough, there's probably gonna come a time when you need some dollars.

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42:26When we hit 60 this time, I think it's the bottom. Do you think this is the bottom? That's so tough, man. I'm not like a technical analysis astrology for man chart squiggler guy. But when you look at so many indicators that mark bottoms, you look at the deviation from the four-year moving average, which to me is like the most bullish indicator ever, how that line just continues to compound at over 20 % per year. We're like in the single-digit percentile with a deviation from the four-year moving average. Bitcoin priced in gold is like cheapest since 2010 level of percentile. I don't know if you're a power log guy, but the same thing there.

43:09Like we're seeing so many indicators, relative strength index, where we're just seeing the same levels as 2022. It's flashing November, 2022 FTX levels. So I don't think a wick down to 50K or even 30K is impossible. Nothing is impossible. But I think a lot of people are freaking out because that's what happens when you are in like a single digit percentile of Bitcoin's oversold price. So yeah, I think that given Bitcoin's volatility, a lot of people don't realize this, but Bitcoin's volatility has almost been cut in half since 2022, which is a wild stat. Like the volatility has been crushed for Bitcoin.

43:51And a lot of people don't realize that the moves necessary on a daily basis to get you below like a 40k Bitcoin number or like a FTX black swan after black swan type situation, it is so much more statistically unlikely given the amount of capital that has to move now. Like, so I think that, you know, who knows if we're in the exact bottom, but it has to be close. I don't know if you agree with me, but it seems like we're right there. Sentiment, I think is the worst it's ever been. So I don't know. And sentiments always like that. That's kind of the counter trade, right? When sentiment's the worst ever been, you're probably close to the bottom.

44:28And I don't go off anything but vibes at this point. Like I've been in Bitcoin long enough that I sometimes get feels and it feels like the bottom. I don't know if it is, but like I've certainly been any spare cash that I could possibly get my hands on has been going into Bitcoin recently. And that's not always the case. Like it just, it feels like we must be close. Do you, what do you think is going to sort of play out over the next sort of Bitcoin cycles? Do you think we have sort of diminishing returns? Because again, Saylor obviously talks about he has his CAGA targets and he thinks Bitcoin is going to continue to pull them in the way it has in the past, at least somewhat.

45:03Do you think that's true? Yeah. As of now, I think when you look at the actual price data and the price performance of Bitcoin, it's tough to argue that diminishing returns aren't a thing. And a lot of people do this super cringe thing where they'll draw a line from the 2021 top and they'll do a horizontal line to now and they'll say, look, it's been flat, dead capital. But what I like to look at is the year over year, four year moving average compound annual growth rate where you smooth out the volatility. And you are seeing that, you know, 10 years ago when it was going up 54 % per year, year over year, now it's 30, then 29, then 28.

45:43I might be making some numbers up there, but that's essentially what it is. You are seeing a decrease in the CAGR of the four-year moving average. So the people that say diminishing returns aren't a thing, well, we just saw a huge muted upside with the October 2025 bull run, where we were trading at the power law trend, which is way less than previous bull markets. So it's tough. I think that we're going to see muted downside volatility as well. I think that's the most realistic scenario. I think the people calling for 30k Bitcoin like it's some certainty are smoking crack. To be frank, I think it's totally insane when you actually go to AI and crunch in like the statistical likelihood of moves like that with how big Bitcoin is now.

46:30But yeah, I think that's overall I'm bullish. The money printer has to print man and the feds in an interesting situation where they're being triple squeezed with oil inflation and do you cut rates in this environment? Maybe we don't see that for another half year or a year. Overall, I'm bullish on Bitcoin because monetary fiscal repression is going to be what happens. There's no getting around that. Fiat has no bottom. So long term, I'm super bullish on Bitcoin, but I cannot be speaking with any degree of certainty right now. That's for sure. I do want to ask a question I did allude to earlier, which is something that I can't get out of my head in that is Saylor stuck in this trade, whether he likes it or not.

47:10And this idea that he does have to just keep his foot on the accelerator, keep coming up with new things. And maybe that means adding leverage, maybe like whatever it is, is he stuck and he has to just accelerate at this point? No, I don't think he's stuck at all because I think that everything they're doing is working. If you look at their KPIs, I don't like Bitcoin per share, Bitcoin yield, but that's up considerably year to date. They're raising money at a faster pace that they ever have before. They're buying more Bitcoin faster than they have before. So what they're doing is working. It's an amplified expression of Bitcoin.

47:45The amplification ratio is about 40 % right now. So I think that when you saw that crazy blow off top where MSTR went to a 3.4 XM nav in November of 2024, when you have that, and then on top of leverage on the way down with Jim Chano shorting the stock and a lot of people taking advantage of that frothy premium on the way down. I think the price performance is largely explainable. And then, of course, man, getting kicked in the teeth with a 50 % Bitcoin price correction, that doesn't help an amplification story. So yeah, I don't think anything's broken. I think it's largely explainable by those market forces.

48:22And with the, like you said, it got to 3.4 XM NAV. Are those days gone? Do you think it can ever get back there again as an MSTR shareholder yourself? Do you think anything over two now is kind of out of the question? That's a good question. It's really hard for me to think of that happening again, I'll be honest with you. I see this critique a lot. There's some MSTR maxis out there that are losing their mind, I'll be honest with you. I'm like the biggest strategy bull, but I think it's going to be the most valuable company in the world. I'm like, Bitcoin's going to$3 million a coin. they're going to have trillions of dollars of assets.

48:58That said, some people are losing their minds. They will say, Sailor and Fong, stop selling MSTR. Wait for the MNAB to go to a 2.5. And I'm like, you think that the company, like the market's going to give them$80 billion in premium just because? Like, they're too big now, man. Like, I think that me and you probably are in agreement there where like a 3.4X MNAB, you got to think of when that happened. That was when And there weren't so many Bitcoin derivatives in the market that you could access with a brokerage account. That was when Trump just won the election where we were talking about a strategic Bitcoin reserve.

49:33You saw Bitcoin move from, I don't remember exactly, 55K in September to 90K. Like that was like lightning in a bottle, everything going right to hit 3.4 at that time. And that's why Saylor was selling stock hand over fist because you don't squander that opportunity. Like go get the Bitcoin when the stock is that expensive. So I think MNAP will always oscillate just because the price is in the numerator, the price of the company and price is a reflection of market sentiment. So I don't think that like we go to one and stay there forever. I think that's insane. But also, I don't think like we just go back to a 3.4 either.

50:11It's tough because we're thinking of these like long term hypotheticals. Could MSTR one day command a huge premium because they own 6 million Bitcoin and they can issue more credit than everybody and Bitcoin is like the new foundation monetary base? That's an interesting question, but it's all like hypothetical. At least in the next five years, I would be shocked if we ever saw an MNAV explosion like that again. Yeah, me too. Okay, I want to get back into sentiment because you mentioned before, like this feels FTX level sentiment. And I totally agree, if not even worse. And I've said this before on the podcast, but I think it's true in that when FTX blew up, if you were a Bitcoiner in Bitcoin land, you could look over there and be like, huge fraud, scams.

50:54Like, of course, the market's going to dump. Makes sense. Nothing's changed for Bitcoin. Therefore, like sentiment surely was bad because the price was way down. But everyone knew why. And whereas this time, like price is down a lot. We didn't really get the sort of highs that we expected last cycle. and there's nothing to point to directly and be like, that's why. And I feel like that's adding to the sort of negative sentiment within Bitcoin world. And obviously, Saylor is now bearing the brunt of that in a lot of ways because people are just mad about something and trying to find someone to blame it on.

51:28Is that a bullish sign, though, that we are at these levels and there isn't some like out and out fraud blow up that you can point out and be like, this is why? Yeah, I agree with you 100%. I think that the market is trying to find a villain right now. And Sailor is that guy. Like he'll be the hero in the bull markets. And then in the bear markets, you know, he'll be villainized by a lot of the community. I think that it is a buy signal. I think that, and it's not even a question of opinion almost. It's almost like a mathematical reality. Just going back to what we talked about, people often forget that like your statistical likelihood of higher returns skyrockets when you buy at this level of oversold versus these indicators.

52:13And nobody has a crystal ball. You can't predict the future. But it's so fun to like load up Bitcoin's entire price data for every single day since January 3rd, 2009, or at least the exchange data in July 2010. And just ask it like, what are the forward six month, 12 month, 18 month, 24 month returns of Bitcoin whenever we've been at this level of oversold? And you could do it for like the fear and greed index if you wanted to. And all of the numbers throughout all of history are like triple digit returns where sometimes I'm seeing them thinking, man, like I want to like take out a second mortgage to buy Bitcoin right now because like it's seriously, that's what it is.

52:50Your statistical likelihood of higher returns skyrockets when you buy when we're this oversold. And the sentiment is an indicator. It is a buy signal. It like literally just is like the people who bought mstr call options in 2022 and made 10 million dollars like they literally bought the most leveraged possible bitcoin at the worst ever sentiment in history and they made out like bandits so like are we 2022 levels of oversold it's pretty close but um yeah i think i agree with you man like the the negative sentiment is it's a buy signal for me i'm like i've never been more bullish because I understand the mathematical reality of to make money and to go up NGU, you need to be buying right now.

53:33100%. And it's one of those funny things in bear markets. I kind of perversely enjoy when price is crashing. It's always exciting. There's always stuff to talk about. I don't like the just dragging out. This bit's boring. And I just can't wait for the tide to turn again. I'm ready for us to go up again. The time pain is awful. Yeah. Yeah, I but i'm it's weird i'm i'm sort of i have this turbo bullishness around bitcoin and if i was to trade it would get me in big trouble it's like the big reason i don't trade but i i can't see bitcoin staying at these levels for long i i hope not anyway um do you follow what's going on like on macro side with everything that's happened in the fed recently yeah i do to a degree i don't have a total technical understanding like a lot of these macro experts do but like i do a lot of analysis on my own channel and then on the Swan channel as well.

54:24I have a two day a week show over there where I talk about this a decent amount. But yeah, following the macro side a little bit, I kind of alluded to it earlier, but like the Fed's being triple squeezed right now, man. Like it seems like, like how do you explain away potential monetary easing or rate cutting? Like that, that seems like the battle they've got right now. Yeah. Because when you talk about headwinds in Bitcoin. We don't really have one that's necessarily intrinsic to Bitcoin this time, but the macro side is the thing. And they seem totally trapped. Inflation's higher than they want it.

54:58Jobs are pretty good, but they need to cut rates. And how do they do it? But this is very interesting. If people have been paying attention to what Warsh has said leading up to his appointment and recently, he's mentioning things like, we need to recalculate how inflation is calculated. And then with his last statement after this latest Fed meeting, Warsh is saying that like, we're going to be giving less future guidance or like less commentary essentially. So that's very interesting. Like, what does that tell you? To me, it's almost like you need to play your cards closer with any like obvious moves you're going to be making.

55:34I'm not quite on the level of like the conspiracy tinfoil hat. Like he's Trump's puppet and he's going to do the bidding of cutting rates. But those two things are very interesting. I think like they're already being open about talking about how you recalculate it. And we've seen this game happen time and time again. The government lies to us about CPI. They literally replace ribeye steak with 7327 ground beef. They lie to us and they manipulate the basket. Anybody who knows shadowstats.com, the true government inflation. I know I'm preaching to the choir here, but like we're seeing the same language happening.

56:11They continue to change the lingo. And this is very interesting. I saw this recently. There was a meta analysis of Bitcoin price action relating to not only the Fed's actual actions in terms of rate cutting, but the market perception in terms of how the media was reporting about it. And the finding was that Bitcoin is the most reactionary asset by far to even the perception of rates being cut or rates being hiked. So like a 25 study meta analysis of that, to me, that's a big explainer of the Bitcoin price action. When you immediately saw this war happen and the poly market, betting markets, price in, rate hikes for 2026.

56:55To me, that's like a large explainer. If you look at that meta analysis, that was interesting. I 100 % agree. And the interesting thing is like, it seems like Walsh is trying to be sort of somewhat covert in what he's trying to do. Like he said, no forward guidance, but it's so obvious. Like it's so overt, like he's going to redefine what inflation is. He'll come out with like a new CPI adjusted number. It'll give us a lower inflation print. And I'm sure he'll go to cut rates or do like monetary easing in some way. That's what these central banking snakes do. This is what these snakes do. These people manipulate the fiat money supply.

57:32This is the case that it's been for over 100 years. This should be so obvious to everybody by now. I know I'm preaching to the choir. We're Bitcoiners, but it's literally the same playbook. Change the name of this. We'll change the inflation statistic. It's wild, man. It's literally another page out of their playbook. Call it something else and then repress the society monetarily. It's a sad state of affairs. Like, dude, did you know that the United States debt is like on pace to be over 50 trillion dollars by the time Trump leaves office? It's insane. It's just it's just numbers that like I can't even understand.

58:11Like, I don't know what 50 trillion is. I just know it's absolute insanity. Yeah, it's just crazy. Like, wait, Elon just became a trillionaire. That's one thousand billion dollars. And that 50 times over it's it boggles the mind. It's just ridiculous. It's crazy. And honestly, Bitcoin's at$64 ,000 right now. With all this happening, there is literally... I don't understand why more people don't know this is the best place to put your money and move into a Bitcoin world. It's crazy to me. And the other interesting thing that I think Walsh has to battle with is he's got rid of forward guidance. And like you say, markets move on what they say, not even what they do.

58:52And so without the forward guidance, do markets just get even more confused as everyone tries to read the thieves and they don't really have anything to go off apart from vibes? Like everything's vibes. Yeah, I was going to ask you, like, do you feel like that this has been the most uncertain market in history? Like versus when you first started investing? To me, I can't imagine being in anything else but Bitcoin. like literally 100 % of my family's future and my the success of my bloodline it is 100 % reliant on the success of the bitcoin network uh because i look at equity multiples and i can't like square that in my head on how to how these things are investable and what's funny even before i was totally orange pilled my orange pilling journey has been quite long but uh i have always thought that about equities.

59:43And I've always been able to perceive certain valuations being ridiculous. And I continue to see that get more crazy as my life goes on and I get older. And it just, the uncertainty is wild. We have people debating on whether or not MSTR should trade at a 10 % premium to their Bitcoin holdings versus DoorDash stock trading at a 70X earnings. it's like what like to me i'm like guys like the answer is probably somewhere in the middle here so to me that's why i love bitcoin and i actually do like the treasury companies because in terms of like a risk reward calculus it's so much easier of a tell to me like do i buy costco at a 60 pe is that overvalued or undervalued will costco exist in 2100 when robots have replaced humanity.

1:00:34There's never been more uncertainty, yet equity multiples are at the highest they've ever been. I believe that the composite price to earnings multiple for the S &P 500 is a 29. I think that's crazy. I would rather just buy Bitcoin. JBB, just buy Bitcoin, stack sats and call it good. That's absolutely nuts. I didn't realize it across the S &P was 29 times. That's insane. And like people might think that's silly that because you said before that Bitcoin trades off what the Fed says more than almost anything. Like, so sure, it could have a really negative effect, but we're just playing a different game.

1:01:12Like this is a much longer term, like I'll take the short term volatility to own Bitcoin for the long term. Like that's an easy bet for me. I can't possibly imagine having my wealth stored in anything else but Bitcoin and then like with some risk capital buying like a an equity that's reliant on bitcoin like i cannot even fathom honestly like buying the s &p 500 to me like i want to like i don't want to say vomit but i get like nauseated about this it's just like it feels gross like to me it's like this latest stock market crazy rush it's like the last big boomer hurrah where we've seen real estate and And equity is just at the mercy of the money printer getting inflated.

1:01:58And we have all of this old boomer capital. I don't say boomer disrespectfully for anybody older listening to this, but like that's what it is. It's people that are unfamiliar with Bitcoin and then they store their money and these things that are absorbing the money printer, essentially. And it's a really sad state of affairs. And, you know, as well as I do, like, you know, the capital is going to hunt scarcity at the end of the day. So I can't buy anything but Bitcoin. Let's go. Adam, this has been awesome. The takeaway is you think strategy is going to be fine. Buying Bitcoin is always the way.

1:02:34I'm excited for the next few years, man. I think we're going to have good times are coming back. Yeah, I think so. I think there's a lot of this Bitcoin civil war is super interesting. People throw and shade at each other. There's multiple civil wars. There are. Yeah, the core and knots thing. That's for sure. We didn't even talk about that. So maybe another episode or something. But yeah, like crazy stuff, man. It was a great talking to you. I'm bullish on Bitcoin. Sounds like you are too. And at the end of the day, that's how we win. Adam, where do people go to find more of your work? Yeah, I do a daily YouTube show at Adam Livingston BTC.

1:03:09And then I have an X account where I post analysis on Bitcoin and a lot of MSTR stuff as well at Adam B. Live. So those are my two platforms. Let's go. So, all right. Thank you so much, Adam. We'll have to do this again. That was awesome. Thanks, Danny. Appreciate it. Appreciate your time, man. Have a good one.