Yeah, I hear you. I really do.

But. Recapitalising the world with Bitcoin is value creation. I love to see individuals adopting Bitcoin, and they are the most numerous and quite a powerful group - but all adoption is good adoption, and I want to see the corporate world become bitcoiners as well. And eventually, governments of every size.

The peer to peer is scale invariant - individuals are peers, corporations are peers, and governments are peers, among each other. Peers of every scale acting in their self interest is one of the pillars of Bitcoin’s resilience.

The prefs of Strategy, which strip excess return and volatility in exchange for yield stability, are creating value, both for their investors, and for Bitcoin itself. There’s a lot of demand for outpacing or minimising fiat inflation without undue risk - bonds of every duration have hundreds of trillions in them because of this. Satisfying this demand in a new and ethically sound way, with bitcoin as the base collateral, is valuable. Worthy goal, imo. Far from icky.