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It's hard to ignore STRC eating the supply on trading days.
A few recent highlights: \- Strategy created a huge new source of demand by dialing in their STRC product. Bitcoin-backed credit demand is growing rapidly, one of the most successful product launches ever. \- Iran gave a live-fire demonstration of the value of trustless money to exchange value between enemies, that has the potential to be another large source of daily demand \- Morgan Stanly launched their own bitcoin ETF, adding another set of highly motivated wealth managers pushing bitcoin to their clients going forward
No, but you can own STRC for a few days when it depegs, capture most of the dividend, and then move your money back into MSTR when it approaches 100 again and come pretty close to it. There are tax implications for the gains but if you do it in a tax sheltered account it works great.
Moving buying power from Bitcoin to STRC doesn't change the bitcoin price, it's one of the reasons to be so excited about them.
No. Strategy isn't buying STRC, so every sale must find another non-Strategy buyer. The bitcoin from the original purchase is locked away forever.
Credit investors bought over $525m STRC today, new record for a non-dividend date, representing fresh demand for Bitcoin coming from credit markets. The product continues to show massive growth, and as it continues to pay the dividend and hold par, it is becoming rapidly more valuable to investors. It's almost as though 11.5% zero-vol tax-deferred bonds are desirable... Next week will be fun.
Honestly it’s even simpler than that. You’re paying a 10% premium to buy an asset that will likely go up 30% faster than Bitcoin at least in a bull run… and by the way getting an asset whose insane profitability is increasing your (amplified) Bitcoin / share 15% per year with a bright future selling STRC ahead. It’s easy math if you already believe in Bitcoin, you just have to accept the 3rd party custody angle which obv many dislike.
That is Michael Saylor’s preferred stock:STRC He uses the fiat flowing into that stock to purchase Bitcoin. This is a live site that shows his daily accumulation in real time.
Check out https://strc.live/ to watch Michael Saylor purchase Bitcoin with STRC preferred stock. This is in real time. These coins are removed from the supply forever.
Boom! Couldn’t have said it better myself. It is alarming how many people still are not familiar with STRC. STRC has purchased 3X the entire new daily supply in two hours of trading this morning. There is no precedence for this.
A critical point to understand is that buying power stored in MSTR, or any preferred like STRC, is not standing outside Bitcoin. The buying power you put in to these products is stored as freshly acquired spot Bitcoin on the Strategy balance sheet. It’s very different from owning, say, options or futures that might only fractionally translate into actual bitcoin demand.
No I don’t think so. While there will be some of that… and more of it early as bitcoiners adopt STRC first… long-term we are selling a credit asset to a buyer interested in high sharpe dividend yield… that’s not an asset allocation pool where you historically find bitcoin. It’s fresh buying power leaving traditional credit markets and flowing into this new Bitcoin credit product… and in doing so, becoming stored as spot Bitcoin, in perhaps the most diamond-handed hodler on the planet.
Strategy (MSTR) has created a perpetual preferred product (STRC) which yields 11.5% dividends paid monthly with return-of-capital tax treatment. While the product is relatively new, the demand has been huge. The return and sharpe on STRC will compete for the attention of both the $300T+ credit market AND the hundreds of trillions in equity markets, where people dream of a volatile 10% or a low-vol 5% yield. These new buyers are shifting allocations into STRC, where they are often buying directly from Strategy. Strategy selling new STRC at $100 is what compresses the product volatility. When these sales occur, all the new money goes straight into Bitcoin spot buys in the Strategy treasury.
It’s a beautiful day for another$300m+ to move from credit markets into Bitcoin with near-zero vol via STRC.
STRC brings another $300m in fresh capital from credit investors with zero vol, Morgan Stanley launches an ETF, Iran gives a live-fire demonstration of the value of Bitcoin to enable huge payments between adversaries... and you're still bearish? The S-curve of global adoption is just about to kick into high gear, credit markets have entered the chat.
STRC providing high octane fuel for btc.
Let alone, Iran may be selling all it's Oil and the tariffs for Bitcoin, $STRC growing exponentially after people have seen it accomplish a years worth of dividend yield payouts, is eating up the remaining BTC monthly, then we have $STRC's competitor, $SATA who is using the same playbook but giving higher dividends to stay competitive, then we have $BUCK, who is buying more $STRC to yield interest on a stablecoin! The interesting part of Bitcoin is that we get to witness a new financial era be created in front of us using an asset so scarce that it's never been seen before in society. This started as an experiment and now turning into the cleansing of the Tradition Finance system. The Bitcoin supply shock is around the corner, are you positioned for it?
Strategy has created the perfect mechanism to not only move huge amounts of buying power from credit markets into Bitcoin, but which will make credit, already very popular, even more competitive with other asset classes. Why would anyone hold equities hoping for a volatile 10% at PEs that made Warren Buffett bail... if they can get 11.5%, zero-vol, ROC dividend monthly payments in STRC?! How much of the hundreds of trillions held in equity markets would be held in credit if they could have gotten this deal before? There is good reason to be extremely optimistic about Bitcoin's future.
$330m traded in STRC between 99.99 and 100.01, and you're still bearish? Retail investors, why are you so bad at math? Do you understand this will be near-100% Strategy as the seller, and that they are taking all these credit-investor-dollars and using them to remove Bitcoin from circulation forever? Just as credit markets are making a bid to buy it all to use it as collateral for their debt instruments, you're selling in fear?! I know volatility is scary, but come on.
He's only got 8 billion in debt and he has 55 billion dollars of bitcoin. Plus STRC is a money printer. There's definitely more to it.
It's ironic that sentiment is so bad even as Stretch emerges as a monster in digital credit. Do you understand that the volume on the offer is between Strategy selling "below market" to a credit investor who wants 11.5% ROC returns? Look at the stability of the price. Do you think STRC is becoming more valuable to credit investors or less valuable over time right now? How quickly will they trust this product if the very-recent results continue, as they likely will? Look at the volumes. This money goes 100% into fresh capital deployed out of the credit market and into Bitcoin. Do you understand that the credit investor represents a market that has historically near-zero allocation to Bitcoin, it's $300T+ in size, and Strategy's offering is an insanely high-sharpe competitor enabled by the apex asset's mathematically undeniable network growth?!!? It's not Saylor that is threatening to buy all the Bitcoin... it's the *credit markets*. Bitcoin is valuable to credit markets because it can serve as in immutable, unprintable, verifiable, yadda yadda yadda fixed supply asset which can then be used to back dependable, buying-power-yielding credit instruments which serve a great utility to human beings. The buying power flows from global productivity gains +/- monetary inflation in the yielded currency. How do you think the *gold market,* facing a pullback from the ATH, will respond if the wealth in credit markets tries to buy all the Bitcoin to use as digital capital, which they could easily afford at today's prices? Do you think they'll get in there and buy? What about equity markets at insane PEs facing existential risk everywhere, or housing priced at levels no one can afford? It's game theory engage y'all, nothing has changed. Bitcoin is headed *much* higher, it's just a random walk around a power law. Build conviction. tl;dr - you're not bullish enough
Holy Stretch volume Batman! I cannot understand how sentiment can be so bad with this happening. Do you understand that the volume on the offer is between Strategy selling "below market" to a credit investor who wants 11.5% ROC returns? Look at the stability of the price? Do you think STRC is becoming more valuable to credit investors or less valuable over time right now? Do you understand that the credit investor represents a market that has historically near-zero allocation to Bitcoin, it's $300T+ in size, and Strategy's offering is an insanely high-sharpe competitor enabled by the apex asset's mathematically undeniable network growth?!!? tl;dr - you're not bullish enough
Bitcoin always but if your heart stops every Bitcoin dump, get STRC. It pays you currently 11,5% and buys Bitcoin with proceeds.
Invest the rest in STRC and get 11.5% on the balance until it's invested.
So STRC beats both of them. Saylor is a pretty smart dude
Great quantum fud yesterday for final liquidity grab. And nothing. Saylor restarted STRC harvesting. higher?
It doesn’t change bitcoin, but Michael Saylor isn’t bitcoin. Those ads scream snake oil salesman with a shitty suit. Unfortunate because I really like STRC for the high paying ROC dividend.
As someone who loves STRC, that ad sure made me second guess my investment in it 🤣
Over $500m traded in STRC today and you’re still bearish?! Do you understand this volume represents fresh capital flowing into Bitcoin every day, for weeks at a time, every month, with strong month-over-month growth?
Saylor's STRC buys 3,500 Bitcoin today, nearly 10x the daily supply, and price barely moves. Pretty obvious he's buying paper Bitcoin. And before anyone says he's buying OTC and it doesn't effect price, it's still a fixed supply asset. The OTC desk has to get those coins from somewhere.
STRC is a marvelous piece of financial engineering. 11.5% all return of capital. Tax deferred until you get everything back and then long term capital gains. It’s an amazing product for someone who wants stable guaranteed income.
STRC pays 11.5% /12 - monthly
Planning on 15 year, then 52 yo, retire with STRC
Don’t forget STRC. Saylor is buying bitcoin with STRC at insane rates. Sometimes upwards of 20,000 bitcoin in a day.
People saying, where are the institutions and countries/states buying BTC? I only see Strategy and nothing else. They dont get that most institutions, countries and states are buying through MSTR and STRC.
STRC can also dill well below NAV, so it has some risks.
They should buy STRC, engineered for this purpose.
This Sunday, however, Saylor shifted focus entirely. His posts highlighted STRC’s performance. >
Not really my ‘tism is more process-oriented than emotionally-oriented. We’re in the Information Age, any process can be learned, opportunities abound and are expanding. First step to solving a problem is admitting you have one, but people that see their situation as not having enough of the problem (I.e., fiat) are not existing in the same paradigm as I am. My paradigm is that non-cash assets are going to be worth more than cash. The dollar lost $0.21 in purchasing power in just the last 5 years. The only goal for me js sustainably stacking of as much BTC or directly BTC-backed financial products as possible. Between STRC and SATA there is a nice rhythm to optimize cash flow, what can’t be reinvested directly to compound goes to buying more bitcoin in my broker. My DCA is from digital mining, there’s better tax-free options I’ve become aware of like abundant mines, which is the next goal. If I start an LLC, I can buy miners from them and because it’s tangible property I can take a full tax write off. They start at like $6k so my first $6k of bitcoin-taxed earnings would essentially be bought by the government. Yeah, Saylor is buying Bitcoin, I should be - but I’m just as susceptible to inflation as anyone else and want to cover all my bases so I’m just building it out with solid foundations. I have a reddit-assigned username, but zero actual training in economics aside from a community college business degree from forever ago. It took time, wanting to learn, YouTube, and humility to see it was my problem for not learning the systems I survive in.
Yield-starving savers? 12% is more than the average SP500! The yields is simply too generous (too good to be true). I hope it works out since I’m betting on STRC. I’m hoping STRC brings so much Bitcoin to MSTR, that it will push the price back up.
I’m working towards 1/2 BTC and 1/2 in $STRC. The world will slowly adopt bitcoin so keeping both feet in fiat and btc will be the reality for a while
This group is dead, probably killed by the mods Mstr and STRC will send bitcoin to 1M very fast
Bitcoin down big and STRC is up anyways yesterday on fresh inflows. Could it get any more clear that Bitcoin credit will set the floor for a new bull run? Strategy buying resumes this week, with over two weeks to the record date.
Retail is selling the bottom to institutions, who are setting the floor for the next bull run. One institution in particular will almost single-handedly define the rising institutional floor, as Strategy demonetizes the credit markets into spot Bitcoin. Watch the STRC volumes grow once it hits par and do some simple math about how much that buying is likely to effect the price of Bitcoin. I estimated 3x change in the Bitcoin market cap for every new $1 invested from a different market, but choose your own numbers. Congratulations! You already understand more deeply than 99% of the market.
Gotta love the MSTR bulls. “You guys just don’t understand the genius strategy of Saylor. Issuing perpetual stock with dividend obligations of 11.5% forever is brilliant!” Meanwhile their first tranche of STRC issued has already given back 10.1% of the BTC per share it acquired in less than a year. If MSTR stays at this price for another year, even if they start increasing 30% y/y every year going forward, this initial STRC issuance will be a net negative decision.
it starts to become the currency of AI bots. AI Bots btw, are human independent (at execution), think mechanically like profitable human traders and not like little whinning bitches. LTB can buy STRC from Saylor, which has volatility of 2 and nice 11,5% APY, while proceeds go directly to bitcoin.
Of course it's this year. Banks will offer 8%+ for storing money with them - backed by STRC which buys Bitcoin. Greed always prevails.
There are many issues that you can address. Most are listed in here if you dig. I guess this sub is mainly bots, retail and lone traders. Retail needs support. - Make AML transparent - the guilty until proven innocent isn't a good look on the financial industry. - Challenge the media narratives that anyone using bitcoin must be a criminal - Address the deep level of mistrust in the regulators and financial industry. The financial industry has become a complacent retail intermediary, spent the last 15 years telling retail not to invest in bitcoin. Only recently is there signs that this narrative is changing. It may take some time to win people around. Hit the media hard. - Few are addressing the services that retail might need. Treasury and storage (if you can really address the deep mistrust - nyk nyc). Tax - make it easy not hard. Inheritance - what trusted services can you imagine. - Of the few services I've seen, they are offered at tradfi rates, what is the new pricing mindset. e.g. STRC is only possible because of restrictive regulation. - Institutions have a history of not acting in a trustworthy way. Hedge funds shorting at every opportunity, Financial services playing loose with clients bitcoin - unagreed hypothecation, exposure to risk of government confiscation supported by the institutions. I'm sure there are many more, but this enough to be going on with.
Seems like you did not see STRC from strategy yet
STRC is already essentially a yield-bearing stablecoin. price is pegged to $100 with an 11.5% annual yield.
For the most part, you answered your own questions pretty well. Well, I would recommend in. This is not financial advice. Would be to take all the liquid to your currently sitting on. Use it to purchase STRC, put a DRIP on it, and forget about it for six months or so. At the same time take as much as you physically can each pay period, and dollar cost average into self custody bitcoin. At the end of the six months, you should have a pretty large amount based on the original investment in STRC. If you choose to do so you can then cut off the drip, and use the 13% un taxed dividend, monthly to help assist with bills, etc. The STRC will continue to produce 13% monthly. Then you can use much more of your pay period funds to continue to dollar cost averaging at a higher rate into bitcoin. Unless you sell it, the STRC will be there forever producing 13% monthly. Which gives you a good passive base, and allows you time to build up your bitcoin stack, as well as looking into other opportunities like bitcoin proxy trades (MSTR), when it turns around call options will be incredibly lucrative! G-D Bless, and stack sats!
1. Learn to DCA not trade. Take $1k, split it into parts eg 10 parts, and invest once a week for 10 weeks to get into the habit. 2. Take the other $1k and immediately buy $STRC and $SATA so that every month you have another $100 or so to buy more Bitcoin.
STRC is just on another level. MSTR bought 7649 BTC a week YTD. That's well above any year before, and 49x more than last bear market (156 a week). If they can keep this up they will hit 1M in August/September or early Q4. Impossible to time that moment, but what's your best guess anyways?
I’m 100 percent MSTR in Roth and 90 percent SCHB and 10 percent SCHD in the 401k. When I am closer to retirement, I will rotate some of my MSTR into STRC. Next year I am considering opening a bitcoin only Roth IRA with Unchained and making my contributions 100 percent spot bitcoin for the year. I also buy spot btc outside retirement accounts of course. I see nothing wrong with your 100 percent btc exposure in your retirement accounts. I believe bitcoin will do some very interesting things these next 3 halvings and we will be very happy with our decision.
Do you realize last bear bottom exchanges had 200k+ coins more than today? Do you realize how exponential is the demand for STRC? How exponential is adoption of BTC within AI? Soon we'll have "then suddenly" moment.
With the STRC success, and Strategy buying BTC in volume, many investors are happy to get a steady income stream thanks to BTC. This is giving valuable support to BTC, that’s not been seen before in the downturn, the normal cycle has been disrupted by ETF’s and BTC-TC’s. This is not to say there won’t be another leg down, because I think it will go down again, but not to levels many are predicting! Just IMO of course 🤷♀️
I don’t mean to be over optimistic but what has changed? Iran war will crush short term markets but the us has only one option if they want to continue this futile war, which is to make more money. They just asked for another 200 billion and the war just started. Aside from that MSTR and likely many other treasury companies will have huge inflows. MSTR bought 3 billion in the last 2-3 weeks in a bear market. That only makes the lows higher and the highs higher. Now just imagine when demand for bitcoin rises and fomo sets in. STRC works during a bear market because people want a fixed income instead of seeing their portfolio get wiped. In a bull market MSTR stock being the real titan will be buying far more. I know I keep talking about MSTR but I really think they will have a massive impact imo.
Only way to repeat some Pattern is every supply and demand conditions were same. We have STRC now
It really depends what "all in" means to you and what's your time preference. Personally I think I can be considered all in, with some MSTR and STRC so same difference, but I have enough to live comfortably with my regular cash flow and I don't need that money for the foreseeable future. So the short or medium term volatility doesn't mean much to me. Even this current winter-ish I'm in the green, so who cares?
Smash buy every crash. Hold your new Fiat in STRC while waiting the next crash. Keep holding your older buys.
STRC as a 12% money market account is a killer app of credit products in a $300 trillion dollar industry. Strategy buys are leveling up, they are price insensitive, and they are just getting started... watch the monthly flows. A river of money is about to buy Bitcoin.
I checked the last three days.. STRC is below its $100 par value, meaning no Bitcoin purchases whatsoever. I checked the last occurrences: when persistent >$100 par coincided with BTC purchased after weeks of pauses. That coincided with a 15% BTC price correction in November and roughly 40% in January.
STRC seems a pretty safe haven at the moment for many, net effect of that provides some decent level for BTC support weekly lately!
For now, yes that explains why Bitcoin has resisted selling pressure. There's also some sell off exhaustion among the long-term holders. Buttt like any other assets, this STRC bubble must pop in the future.
And the majority of it from STRC ATM, not MSTR common. Amazing week for MSTR.
If you don't have the stomach for volatility, and have a short term need for cash, then STRC is the product for you. You're still helping bitcoin, price hovers around $100, and you're getting almost 1% a month tax deferred (ROC).
I think their STRC product is becoming very successful which allows them to buy more Bitcoin.
SATA and STRC. Its not really crypto tho
yeah that's not true. the most recent raise (Mar 9th), if you remove the BTC STRC bought (5,315 BTC), the BTC per share still went up from 195,771 to 195,834. yes the gain is small (0.032% vs. 0.757% when including the STRC BTC) but it did not reduce the BTC per share, it marginally increased it. that's not to say every weekly buy will be accretive, yes some have reduced the btc per yield (ie. March 2nd, and Feb 2nd buys) but year-to-date BTC yield is positive at 1.2%--and that's the only performance metric that matters. as long as they can keep BTC yield positive over, say, a 12-month period the stock is fine.
tldr; The 20 millionth bitcoin has been mined, leaving only 1 million bitcoins before reaching the 21 million cap. Since February 24, bitcoin's price has risen by 8.09%, driven by institutional capital inflows and a shift from gold to digital assets. US buyers, ETF inflows, and MicroStrategy's fundraising efforts have contributed to the price increase. MicroStrategy's preferred stock STRC has seen premiums and record trading volumes, enabling efficient bitcoin purchases. Institutional interest continues to drive market dynamics. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
STRC pays monthly dividends (11.5% APY) and the stock doesn’t really change price.
It’s a strange post to me, if you’re only in it for 10/25 percent, why not buy STRF at the moment?? They have enough to fund dividends for a year, or even STRC, or is it short term gains, what kind of time frame are you thinking 🤔
Read the whitepaper, actually fully understood how it worked. Solving the double spend problem, the mining incentive, the probability function, halving, automatic difficulty rebalancing, 21 mil cap, decentralized, ledger of all transactions. Just fascinating from a pure design and math perspective. Realized how resilient it has been through multiple drawdowns. Experienced my first proper drawdown 2021-2023 and held through. Bought in the 30s/40s/50s, turned off my auto buys when it dropped below 30k since I was scared…never again. Those would be up 4x in 5 years to a peak fear low of 60-70k today. Saw the creation of ETFs. Realized there has been minimal sell off by ETF holders. This group of holders will only continue to grow and they are absolutely long term, majority with a small allocation to diversify their portfolio. Did some quick math on Strategy BTC acquired per day (esp through STRC) and realized this adds significant stability in demand. STRC yield attractiveness should fuel further indirect and direct BTC demand. Not sure how much lower we’ll go but I’m trying to accumulate in the 60s-70k while holding some cash in case of a drop to the 40s-50s. At that point if it happens I’ll def sell some individual stock holdings to accumulate more. 2.5x entry point back to ATH.
tldr; Bitcoin remains resilient at $71,000 despite macroeconomic pressures, including a surging U.S. Dollar Index (DXY) above 100 and 10-year Treasury yields exceeding 4.2%. Risk assets like Nasdaq-tracking QQQ and oil near $100 typically face challenges under such conditions. MicroStrategy (MSTR) added 11,000 BTC using funds from its Stretch (STRC) security, while crypto exchange Coinbase gained 2%. Market signals suggest potential for an explosive move in Bitcoin's price as it holds steady amid these headwinds. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
Would be a nice add! [STRC.live](http://STRC.live) does a really nice job of that. I'll definitely consider it. Thanks!
STRC for money within a 4 year time horizon.
THE "OIL DECOUPLING" AND THE $73K RECLAMATION While Wall Street is sliding today due to a "trillion-dollar oil crash" and escalating tensions in the Middle East, Bitcoin is pulling off a stunning reversal. Despite the Nikkei dropping 6% and US indices trading in the red, Bitcoin has surged nearly 5% in the last 15 hours, reclaiming the $73,000 level. What’s driving this? It's a "perfect storm" of macro data. The PCE Price Index (the Fed's favorite inflation gauge) came in at 2.8%—cooler than the 2.9% expected. This has immediately shifted the narrative from "inflation panic" back to "monetary easing," acting as a massive tailwind for hard assets. The most significant signal, however, is the Institutional Absorbance. While the "Fear & Greed Index" is still technically in "Fear" at 37, we just witnessed a record-breaking week from the MSTR Galaxy. Strategy didn't just buy the dip; they effectively front-ran this recovery by using their STRC (Stretch Preferred) instrument to raise enough capital for over 4,000 BTC in a single day yesterday. When the world’s largest corporate treasury is doubling down while oil-linked volatility shakes the rest of the market, it’s a clear signal: the "smart money" isn't viewing this as a risk-on rally, but as a flight to the only asset with a fixed supply.
I wondered how long the price can stay down given the rapidly growing popularity of STRC. STRC isn’t even a year old yet. Unless banks find a way to slow or block it, it’s hard to see how the traditional financial industry stops this shift. In my mind, it’s like the first construction company arriving in a city with steel while every other builder is still working with wood.
If Strategy felt a smidge uncomfortable, they would switch BTC buying from OTC to Exchanges and immediately double the price. They sourced 5200 coins from STRC yesterday ALONE. They choose to pay OTC premium to buy when there's liquidity because morons sell out of magical cycle. There is no liquidity when coin is pumping because noone is selling. Saylor takes ten times the cycle production. If he wants price pump he flips the switch and we go to a million.
Maybe BTC about to explode? Full port MSTR, STRC is buying like crazy
tldr; MicroStrategy (MSTR) purchased over 4,000 Bitcoin in a single day, funded through the issuance of its Variable Rate Series A Preferred Stock (STRC). This marks the largest single-day Bitcoin acquisition by the company using STRC. Earlier in the week, the company also acquired over 2,000 Bitcoin. MicroStrategy, the largest public corporate holder of Bitcoin, has been leveraging its preferred equity program to finance these acquisitions, with its total Bitcoin holdings now exceeding 738,000 BTC, representing 3.5% of Bitcoin's circulating supply. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
STRC looking to be a genius move .. $150-200k looks within sight
STRC stop buying in few days. Maybe a small dip before moon... I would smash buy if i had Money since First 80k dip
STRC is the biggest red flag I've ever seen. Other treasury cos are now aping into buying it. You can't sustain 12% yields when your asset is going down as well.
It’s a great time to buy, the opportunity won’t last long. Strategy is raising a shitload of money with their STRC product and they just buy and buy bitcoin. The supply is being sucked up. Sure the price can go lower short term, but the lower it goes the more of the supply Strategy gets per dollar spent.
Also, these funds are going to rotate in to STRC.
So how are Saylor, STRC, and the ETFs buying 10's of thousands of Bitcoin weekly and prices are stagnant. On chain there's no movement from OG whales, exchange reserves are at an all time lows. Where is all the supply coming from to offset the buying? Or are all those mentioned buying paper Bitcoin and the fixed supply is irrelevant now.