Avatar
ed
cfa597bc777e9f4f846b4a83cf6cae36f02f2c4bbd2042747bb6afb46fc2a927
John Galt is Prometheus who changed his mind. After being torn by vultures for bringing men fire, withdrew his fire—until the day when men withdrew their vultures.

The King hath happily receiv’d, Macbeth,

The news of thy success, and when he reads

Thy personal venture in the rebels’ fight,

His wonders and his praises do contend

Which should be thine or his: silenc’d with that,

In viewing o’er the rest o’ th’ selfsame day,

He finds thee in the stout Norweyan ranks,

Nothing afeard of what thyself didst make,

Strange images of death. As thick as tale

Came post with post; and everyone did bear

Thy praises in his kingdom’s great defence,

And pour’d them down before him.

They’re making us rich & giving people exposure to Bitcoin who otherwise might not have

Well it’d be better if it were unaffordable

Make war expensive again

Hmm not entirely sure what you mean.

When MicroStrategy issues a bond it’s typically at a very low interest rate (sometimes 0%). And the proceeds are used to buy Bitcoin so I guess they’re betting Bitcoin will grow faster than that low interest rate

Investors are willing to buy those bonds at low interest rates because they can be converted to shares of MSTR at a certain price. I.e. they can buy $100 worth of these bonds, have essentially no risk of losing their initial investment (in nominal terms at least), but they still have some exposure to the upside of Bitcoin. If bitcoin rips (likely so does MSTR) they can convert their bonds to shares at a profit.

The convertible bonds are just one of the securities MicroStrategy issues though. They have the common stock, MSTR, and now a variety of preferred stock which kinda sit between equity and debt e.g. STRF, STRK

Which gets kinda complicated, but they’re goal in issuing these securities is always to increase bitcoin per share

Sorry for the long message, hope that makes sense