I’m more concerned about the spot market for bitcoin. I don’t really care about MSTR as a going concern…I wish them well. But the more paper bitcoin there is out there, the more volatile (to the downside) the underlying asset will be.

And believe it or not - for those of us who’d like to use our Bitcoin to invest in real assets in the real world. The 80% drawdowns complicate the whole “use Bitcoin as perfect collateral” argument.

I want Bitcoin to become the money for the world. The longer we don’t insist on the use of its superior native properties (one being verifiability) the longer that transition will take.