Okay, I’m little over 3/4 way through Pysh on WBD. I understand what he is saying and laying out completely. However, Andy Constan is still right. Pysh just made the case in point himself.

1. Beginning of video, common stock is very last to be paid out if at all. Think 2008, little man always gets fucked.

2. Strategy WILL have to adjust dividend as markets or competitors for fix income creep in.

3. Since fix income wants guaranteed return in perpetuity AND bitcoin will not continue to annualized at the same rate AND you have market compression by competing factors…fixed income will distribute AND reallocate from Strategy…unless

Unless strategy starts making actual revenue instead capital gains.

It’s very simple. Strategy and all other btc treasuries are planes on a runway. If they don’t produce revenue, Bitcoin fuel will run out and at the end of runway is a cliff. Revenue is needed to get it in the air to avoid cliff.

Nobody knows how long the runway is. Nobody knows how much revenue is needed.

What we do know is Saylor playbook runs on sentiment. Right now, the room is full of excitement but this party cannot run on sentiment alone forever.

#bitcoin #nostr #thoughtstr

I’m completely open to being wrong and correction.