Bitcoiners when a guy borrows against his BTC at 11%:
“Genius. Never sell. Bitcoin’s CAGR will outrun the interest.”
Bitcoiners when Strategy raises perpetual capital at 10–12% with no margin call and no maturity wall:
“THIS IS UNSUSTAINABLE FINANCIAL ALCHEMY.”
So pledging your personal stack to a lending desk at double-digit rates is prudent treasury management, but paying a preferred dividend below your own projected Bitcoin CAGR is apparently Lehman Brothers with laser eyes.
The issue was never the rate.
The issue is that Saylor industrialized their favorite argument before they finished turning it into a podcast course.