I think the working thesis is that if I’m Saylor, the longer I can keep the Bitcoin the way it is, the longer I can keep the Government looking over “here” (Bitcoin is digital gold, nothing more, nothing to see), and the longer I can stack, unencumbered by regulators.

If Bitcoin scales as a medium of exchange, getting into more hands of the people around the world who truly need freedom: that’s a problem for Governments, and it’s a problem for MSTR when folks realize holding Bitcoin is better than holding exposure to one company’s Bitcoin treasury.

I could be way off. Either way, with Governments involved, millions of new Bitcoiners, corporations coming in, dev stand-offs: it’s going to be a bloody few years in Bitcoin and I’m here for it.