I still don't think people appreciate just how ridiculously bullish the @MicroStrategy Bitcoin play is.

Quick thoughts below

1) The door has been opened.

We just witnessed a large publicly listed tech company convert their cash to bitcoin. This will make others consider doing the same and reduces stigma from being the first-mover.

There may have been people who were wanting to try something like this, but were afraid it would blow up in their face, or draw scrutiny/liability. MicroStrategy has done a lot to dispel those myths.

Do you honestly think that @jack and @Square won't follow suit?

2) Custody and acquisition services have leveled up.

There's been a lot of talk about how backends have been upgraded since 2017. That was just proven. We just watched a heavily regulated public company execute an order for $400m without dramatically moving the market.

Custody also has clearly evolved. Publicly listed companies are subject to plenty of regulations and the fact they feel comfortable parking that much money in bitcoin shows that institutional grade custody has arrived.

3) The nail in the coffin for a 6102.

I think a lot of us have strong fears of the government coming for our Bitcoin, and those fears aren't unfounded. But, if this is a sign of things to come, that may become a concern of the past.

Ask yourself, how many companies have to hold Bitcoin before it becomes untouchable in congress? Five Percent? Ten Percent?

If corporate America begins holding Bitcoin on their balance sheets, lawmakers concerns about buying weed with Bitcoin will be laughed out of the room.

4) Saylor's Bitcoin Valuation Model

On @APompliano's recent podcast with CEO @michael_saylor, he gave a compelling new model for valuing bitcoin. While we typically compare bitcoin to something like gold, he looked at it from the perspective of a new tech company.

His point was that once a tech company reaches a breakaway point in a certain sphere and has network effects (google, twitter, facebook, youtube, etc.) then there's basically no way to stop it's ride to the top.

I've heard similar explanations before, but Saylor's clarity in comparing Bitcoin to other tech behemoths was very well laid out and, more importantly, extremely credible.

I expect this valuation model to gain more traction alongside gold 2.0 narratives.

5) Rocket Fuel

We talk alot about the virtues of DCA and how each of us slowly stacking makes Bitcoin that much more scarce.

Take a second to think through what could look like on a corporate level.

We're now seeing cash flow positive corporations soak up bitcoin supply. MicroStrategy alone bought 1/2 of all bitcoin mined in the past 2 months. This is the mother of all DCAs.

As other companies make similar decisions, I struggle to imagine just how bullish this could get.

6) Interest Alignment

Some have criticized this as tainting bitcoin and making it corporate in some way, I couldn't disagree more.

I understand where those fears come from, blocksize wars and corporations trying to make bitcoin intro fast and easy payments were very real.

But I want you to focus one thing--what is Microstrategy's purpose in holding bitcoin? Storing Value. That's it.

They aren't trying to bend it to fit their new crypto-coffeeshop point of sale terminal. They are holding it for the exact same reason as the average bitcoiner.

So, if anything, we've gained a valuable ally against anyone who introduces an inflation threat or validation threat to Bitcoin.

I think that's something we should be celebrating, regardless of whether they are a humanoid or legal entity.

That's all for now. I can't wait to see where this takes us.