The collective bitcoin community. He isn’t an individual. He is a steward of his shareholders’ resources. Live the strategy he articulates, it’s awesome. Show us (his shareholders) that he actually is doing what he says. It would lead me to invest more into MSTR because everything he says in the first hour of that podcast is 100% awesome and on point.

The problem for Saylor is that his logic breaks down when he starts talking about the dollar and the bond market. In addition to stocks and real estate and art … Bitcoin replaces the bond market and by extension the dollar. There will be no market for 5% or 10% fiat bonds once bitcoin is proven to be “risk-free” delivering 50%+ annual returns. Especially with the blended Bitcoin / MSTR products Saylor is discussing the first hour.

And that’s why I am skeptical that Coinbase has all of his Bitcoin custodied.