Was just about to post this. Still working my way through it but so far:
Clarifies that they are only minimally levered at 1.04x
21kmargin/liquidationisamythdistortedbytwitter/mediahearsay.TheyaresafeuntilBTChits4k, he says at that point he'll have to "sell one of his jets or something"
bottom line is that he is being measurably long with btc exposure and has access to a lot of fiat tools such as convertible notes bonds and minimal leverage that allow him to do a lot of buying in excess of cash flows. his runway for price appreciation is 5+ years
“The markets really been set by people with more money than you but with less knowledge than you. They’ve got broken models in there using conventional metrics. “
“The people that understand bitcoin are maximalists, which means they’re not in the market setting the price. All of the maximalists are all in and they dollar cost average. So the maximalists are not setting the price; The traders that don’t really understand bitcoin are setting the price”
Was just about to post this. Still working my way through it but so far:
bottom line is that he is being measurably long with btc exposure and has access to a lot of fiat tools such as convertible notes bonds and minimal leverage that allow him to do a lot of buying in excess of cash flows. his runway for price appreciation is 5+ years
Two great thoughts from it:
“The markets really been set by people with more money than you but with less knowledge than you. They’ve got broken models in there using conventional metrics. “
“The people that understand bitcoin are maximalists, which means they’re not in the market setting the price. All of the maximalists are all in and they dollar cost average. So the maximalists are not setting the price; The traders that don’t really understand bitcoin are setting the price”