Had an idea the other day after walking back from my run:

MSTR is going to destroy companies like AAPL in growth and eventually market cap because AAPL has to sell products to generate revenues in dollars to accrue to its market cap while Saylor is just cutting out the middleman and stacking his directly.

And it can never catch him because to try and do so would send the price to the strastosphere. So it can’t compete as a treasury company, and it will lose trading its products for dollars or stock buybacks.

It will eventually have only one move, and that will be to take only sats for iPhones.

In short, there is no reason treasury companies should be worth more than real companies that make useful things, but it will be the case so long as those companies are trading their products for the rapidly debasing asset instead of hard money. They will have to pivot in order to compete, and that’s when “suddenly” happens.

The government won’t like this obviously because it will debase the dollar even further, but if the biggest companies in the world have no choice, it will have no choice too.

Best they could do is back the dollar with sats and make it redeemable at a fixed rate, in which case AAPL could still take dollars, but it would first have to acquire so many sats that that were possible.

We don’t want or need 1000 treasury companies. Actually we don’t need any, but that they exist is going to force everyone’s hand.