Five years ago, $MSTR had no Bitcoin and was worth roughly $1 billion.
Today it's worth more than $35 billion, owns one of the largest corporate Bitcoin treasuries in the world, and shareholders have earned roughly 10x+ on their investment over the last five years.
Yet some people judge Michael @saylor and the entire strategy based on whether there was dilution in the most recent quarter.
If you're evaluating a five-year capital allocation strategy through a 90-day lens, you may be measuring the wrong thing.
Bitcoin is Freedom
I spent the last few weeks in my motherland, Vietnam. The country has transformed since my family escaped in 1978. It is more prosperous, energetic, and ambitious than the Vietnam I left behind. A young population, rising investment, and global aspiration have created extraordinary momentum.
And yet one thing remains clear. For many in Vietnam, the ultimate dream is still America. And if they cannot make it to America, they want to wear American brands, eat American food, listen to American music, and exude American confidence.
My trip to Vietnam reminded me of this, and the World Cup has made it visible on a global stage. America remains not only a country people admire, but a place people still want to reach, represent, and belong to.
The United States remains the land of the free, the Wild Wild West, and the home of the American Dream. Walmart and Waffle House. Boston and Austin. Silicon Valley and Wall Street. A country where people can still rise from welfare to extraordinary success through hard work, ingenuity, risk taking, and some luck.
My family experienced that promise directly. We arrived in America as refugees, sponsored by a Catholic church in Syracuse, New York. We received public assistance, food stamps, and free school lunches. My father worked three jobs. We lived frugally and dealt with poverty and racism. America was not easy, but it was open. It gave us a system where effort, education, entrepreneurship, and perseverance could compound.
This is America. The world still aspires to be like us.
What has made America successful over the last 250 years is not accidental. It is a principled Constitution, geographic scale, abundant resources, and a culture of liberty, capitalism, entrepreneurship, and reinvention. Other nations try to replicate the recipe, but often waver. Interventionism, bureaucracy, corruption, and ego get in the way.
Which brings me to Bitcoin.
Bitcoin is the United States of money. It aspires to do for money what the American Constitution aspired to do for government: create a system governed by transparent rules rather than the discretion of individuals. Built on a principled white paper, digitally enforced scarcity, and proof of work, Bitcoin is digital capital governed by code, energy, and consensus.
But beyond that, Bitcoin is hope.
It provides hope for those who have worked hard for their money and want to protect it from monetary inflation. It provides hope for those born in countries without reliable rule of law or economic freedoms. It provides hope for anyone seeking protection, opportunity, and a form of property that does not depend on geography, politics, or permission.
I was born in the year of America’s bicentennial. Fifty years later, the future of American dominance is being questioned. I have no question. The United States of America is the greatest country in the world.
My life is proof of what America makes possible. I left Vietnam as a refugee, grew up poor in America, built a career through education and hard work, and now have a wonderful wife and three children. That is the American Dream to me. It is not just wealth. It is freedom, family, opportunity, and the ability to determine your own future.
That is also why Bitcoin resonated with me. I found Bitcoin because it reflected the same principles that shaped my life: clear rules, individual sovereignty, property rights, resilience, open competition, and long-term conviction.
America gave my family freedom through a country. Bitcoin offers individuals monetary freedom through a network. One opened the door for me. The other opens a door for anyone, anywhere, to protect the fruits of their labor.
That is why Bitcoin is freedom.
"Crypto" is going to zero. Bitcoin is going to 1M+.
I've been working on Bitcoin since early 2013 when it was ~$50. First it was going to zero because of Silk Road. Then Mt. Gox. Then governments were going to ban it. Then it was slow technology and it was going to be crushed by all of the other coins. Then Sam Bankman-Fried and FTX were sending it to zero. Now there are new narratives. New people that are far too levered, don't understand Bitcoin, but are somehow here to fix it.
Yet, somehow, here we are. A $1T asset.
Bitcoin has been the best thing I could have poured my life into over the last 13+ years. Meanwhile, trust in governments and their ability to stop destroying the people and their purchasing power has never been worse in those same 13+ years.
At the end of the day, my advice to you: the Bitcoin journey is a hero's journey. You kill your ego. You surrender the idea that you're the all-knower of the future, the main character, and important enough to matter to this thing. Bitcoin doesn't care what you think and it doesn't need your permission. You either have the balls to build conviction in it or you don't. You built Barstool, you know this. There is no free lunch. Nobody gets paid to show up when things are easy. Life isn't charity. Participation trophies are worthless. Those that end up getting paid do so because they build something that was simply too hard for others.
Nobody has to convince you of anything. You have to convince you. If you believe in the government and their ability to not print away your purchasing power, sell us your bitcoins. If you don't and you think Bitcoin is an idea worth believing in, have some guts.
Your choice. Bitcoin has been and will continue to be successful either way. It's on a journey of its own and it will be there for you whenever you're ready.
@dotkrueger We are never going to ______
America
Antarctica
Fly
Mariana Trench
Moon
BTC $100k
Zoom out. We will colonize our solar system and then the stars, or we will go extinct. My bets on the former.
Whether you think you can, or you think you can't — you're right.
@dotkrueger The first time ever I'll say this: I don't think you know what you own Fred. If selling any amount of Bitcoin is a bad idea, then we're dead. We haven't even violated Bitcoin power law. Relax.
Bond markets are flashing red.
Today, the US 30Y Note Yield officially hit its highest level since July 2007, at 5.19%.
This will soon become Americans’ biggest problem, yet the vast majority do not even know it is happening.
What is happening? Let us explain.
(a thread)
“We already have functioning prototype devices fabricated and tested in research nanofabrication environments.” - @DrSonnyWhite, Founder and CEO of Casimir in @Debriefmedia today.
https://t.co/vJmxPJoLD7
RTX 3090 FE 24GB, i9-7900X, Ubuntu, CUDA arch 86.
Originally built from gg/spec-mtp-experiments / MTP PR path with: cmake -B build_sm86 -DGGML_CUDA=ON -DGGML_CUDA_FA=ON -DGGML_CUDA_GRAPHS=ON -DCMAKE_CUDA_ARCHITECTURES=86 -DBUILD_SHARED_LIBS=ON
Runtime was Qwen3.6-27B Q4_K_M MTP, ctx 131k, q4_0 KV, -b 4096 -ub 384, --spec-type mtp --spec-draft-n-max 3.
After seeing Unsloth’s notes, I rebuilt exact am17an/llama.cpp mtp-clean with BUILD_SHARED_LIBS=OFF and are testing that now. Big diff vs your screenshot: you’re on Q8, -ub 1024, ctx 262k, preserve_thinking true. We’re trying to isolate compile path vs runtime flags.