They couldn't ban Bitcoin. Every government that tried failed.
So the question changed: if you can't ban it, can you just make it too heavy for ordinary people to carry?
Rustin spent 3 days in a basement pulling the receipts on the code change, the money behind the developers who made it, and why nobody with a platform said a word. ๐
When I gave this speech in October 2022, Bitcoin traded near $20,000, Strategy held 130,000 BTC worth about $2.6 billion, and $MSTR was ~$24 split-adjusted. Weeks later, after Bitcoin fell below $16,000, our debt exceeded the combined value of our BTC and cash reserves by ~$300 million, and $MSTR fell into the $13 range by year-end.
We stayed focused, strengthened the company, and executed our strategy. Since then, Strategy has raised over $60 billion of additional capital and invested it in Bitcoin, adding more than 716,000 BTC. Today, our BTC and USD reserves exceed debt by ~$48 billion. Thank you to everyone who believed, endured, and took the long view.
BIP 110 proposes a controversial activation path:
1. A miner-activated soft fork (MASF) that will activate with 55% miner signaling, or
2. A user-activated soft fork (UASF) if sufficient miner signaling isn't reached by the end of the summer.
Here's @SuperTestnet with a white board to explain