$mstr This is how to try to explain what all ya'll already know when talking to tradfi normies.

EVERYTIME Saylor goes to market to sell convertible bonds he is OVERSUBSCRIBED even though he is only promising like .6% interest on the bonds.

WHY?

Because there is an embedded call option on bitcoin in the convertible bonds and these bonds make every bond portfolio look like the ALPHA ALL STAR bond portfolio.

The bond market is 100's of trillions of dollars and the best performing bond fund managers in the world the last 5 years have owned $MSTR convertible bonds.

This is a competitive market where people look at top performers and hope to copy them.

Saylor is tapping into tiny little drops of the 200 TRILLION dollar debt market and slowly using that money to buy bitcoin.

All bitcoin in existence only adds up to about 1.2 trillion dollars.

The pressure building up in the debt market to get same exposure as the TOP performing bond fund managers is only building.

Do you see how that can play out over the next few years as outperformance of bitcoin friendly bond fund managers continues?