X @None

Michael Saylor gave me a two-word model for Bitcoin that explains this entire year:"Risk capital squared."Whatever is good for risk assets is really good for #Bitcoin.Whatever is bad for risk is really bad for it. Simple.But then he walked me through what's actually happening inside the risk markets right now, and this is the part most people miss.The equity market has split in two. A handful of AI monopolies raising $80 billion each, and then everyone else. "Every banker on Wall Street is out marketing the ...