your recent Mailbag Monday answered a big lingering question I’ve had: Trump’s desire to get Fed funds rate down substantially would kill the demand they currently have been benefiting from in money market retail accounts (I believe $2T+). I’ve been wondering if they realize this, but increasing demand for stablecoins would take care of this. Stablecoin holders are indirect buyers of short-term treasuries at any price. Good insight!

Lolli acquired by Fold. I wish the best for Alex, Matt and the Lolli investors. Great product and have enjoyed it for years.

This price action really makes me wonder how many hedge funds and institutional investors are selling spot BTC to go big on Bitcoin treasury companies / equities, where there might be greater short-term returns. Maybe plebs, too. Even if that doesn’t eventually blow the market up with a company miscue or other unwinding event, that would be very negative from an individual sovereignty / general concentration perspective.

I trust Fidelity a lot more than Coinbase, didn’t realize MSTR had diversified. That’s very positive news. Thanks for this

Until MSTR holds its bitcoin somewhere other than with Coinbase as a custodian, I don’t want to introduce more risk than just holding self-custody Bitcoin or cash.

You’re a man of the people. I’ve had the same thought many times, that’d it would likely be better to just be 100% in bitcoin. Maybe the truth is I just really hate the idea of selling bitcoin to pay expenses, I like seeing the bitcoin count only go up. I know that’s antithetical to treating bitcoin like a real currency, but trying to overcome that feeling. Bought Steak & Shake with BTC this past week, so progress.

I used to do this until River offered the 3.8%. That’s about the same as the 4.25% MM rate on an after-tax basis. Not sure if the 3.8% is supposed to be taxable as well, but it didn’t show up on my River tax docs. So the net-tax rates are closer than you’d think, and it’s just one less transfer I have to make every month out of my brokerage and into Strike or River to buy bitcoin. From a qualitative perspective, I like it because it feels like I’m supercharging my normal DCA.

Jack, on the last Mailbag Monday you mentioned not understanding why someone using Strike would want BTC interest vs being all in BTC. Here’s a quick example: - work in finance. Industry standard is low salary and like 75% of total comp comes in a bonus once a year - big family, big fixed costs and combined with low salary, the result is a monthly “burn rate” - so I need to hold 8-12 months of budgeted expenses in something relatively stable to cover known expenses in the year. - could do this in bitcoin, but everything outside of those 8-12 months of expenses is already in Bitcoin or otherwise invested. So this is on the margins. Maybe you’d say put every dollar in Bitcoin, but with the big family it’s certainly peace of mind having that amount to cover < 12 mo. expenses in cash without the downside potential. Would be even better to earn some Bitcoin interest on that.

At some point this has to end. Either the sellers get exhausted, or paper bitcoin games are brought to light. If it’s really a hedged-trade impact, it would keep grinding higher just more slowly?

Finally ate at Steak ‘n Shake and paid with bitcoin. It was so quick and easy, even faster than a credit card. The food was mid, but paying with bitcoin was awesome