nostr:npub1a2cww4kn9wqte4ry70vyfwqyqvpswksna27rtxd8vty6c74era8sdcw83a Great interview!

There’s one thing that you might be slightly off on, and that’s regarding the reasons why institutional investors are buying MSTR convertibles.

I’ve spoken to some derivatives traders about this, and it seems that MSTR bond buyers most likely don’t care about BTC at all. Because they’re running a gamma profit strategy where they go long the convertible, and short MSTR. Landing them in a delta neutral position that prints money as long as MSTR stays volatile.

MSTR debt buyers not being bitcoiners, or having any interest in BTC itself likely has important implications when it comes to what the potential market size there is for MSTR debt.