This is worth watching. I don't agree with most of it, but I highly respect Mathew Kratter -- who both really understands TradFi, and is a serious Bitcoiner.
Let's start with what I agree with
- It's much better to actually buy Bitcoin and to learn to self custody than to buy STRC. As Mathew points out 2022 wasn't fun, but it's a learning experience and we made it through it tougher. STRC does not build that understanding or conviction
- The ads and promoting DEFI protocols is a bit tacky. Do we really need the Oil Patch Cowboy talking about how STRC "works for him" or Binance pushing STRC backed coins? I would say this is a negative
What I don't agree with
- MSTR is not likely to ever go bankrupt into a "liquidation frenzy". They simply pause the dividend. STRC and MSTR will both go down, but they can wait it out. The sharehodler gets screwed, but Saylor is in a great position, and just waits.
- While "it would be better if people just bought Bitcoin", STRC is a vehicle to get us there faster. This probably will not blow up, will not cause Bitcoin to crash, and will get us to 1MM faster.
- The fact that MSTR is in the market is not "why Bitcoin is only $5K higher than previous highs. It is entirely due to OG Bitcoiners selling. We need capital rotation into institutional hands in order to get to the next level.