He is taking advantage of mispriced funding in the current system. Two things are likely to happen: (1) long term, bitcoin starts appreciating 12% annually, in line with mezzanine credit / expected equity returns or (2) short to kid-term, private credit gets more expensive to align with the 50%+ annually Bitcoin appreciation rate.

In order for (1) to happen Bitcoin is $200T asset. So to nostr:npub1xtscya34g58tk0z605fvr788k263gsu6cy9x0mhnm87echrgufzsevkk5s point, hyperbitcoinization has happened in part due to Saylor’s strategy working. But as (2) happens, the deflation of asset prices in fiat terms will totally change our economic activity.

First (2) then (1) … given the success of Saylor’s strategy [assuming he actually has the bitcoin] there’s really no way that these don’t happen and when it does, the process becomes pretty painful for most people.