Peter Duan 🌎 🚀 Profile picture
Aug 27 9 tweets 5 min read Read on X
Jeff Booth just went on Frank Corva’s show to deliver a blunt message: one system must die for Bitcoin to win.

He says money has always been subordinate to law and those who control money rewrite the laws to serve themselves.

But Bitcoin flips the script.

Here’s what Jeff said, what it means, and how Bitcoin changes the game (with my added commentary).

A 🧵:Image
1/ The Natural State of Markets

“The natural state of the free market is deflation.”

In a truly free market, innovation drives prices down forever.

Why?

Because humanity progresses by making goods and services cheaper.

However, our credit-based system can’t survive falling prices. Instead, it relies upon constant inflation.

That’s why you see shocking statistics like:

- The average age of first-time homebuyers in the U.S. is now 36, the oldest on record.

- A cart of groceries that cost $100 in 2000 now costs $190.

- Since 1971, the dollar has lost 86% of its purchasing power.

This isn’t random chaos. It’s the system working exactly as designed.Image
2/ Money vs. Law

“Money has always been subordinate to law.”

Whoever controls the money, changes the laws.

That’s why the countries with the most broken money always develop black markets for strong ones.

From Argentina to Nigeria, the pattern is clear.

People seek honesty in money when their leaders debase it.

Bitcoin is that black market money... but on a global scale.Image
3/ The Illusion of Choice

“Socialism or capitalism… those words don’t mean anything. They’re both control systems.”

No matter the political branding, the result is the same: expanding control, eroding freedoms, and citizens trapped in inflation.

We’ve never lived in a global free market.

We’ve only lived inside systems of control.

Bitcoin is the first exit.Image
4/ Gamifying Suppression

Here’s the genius of Bitcoin: It punishes suppression.

If a country tries to ban it, the capital and talent simply flow to places that embrace it.

If a country welcomes it, they attract entrepreneurs, wealth, and innovation.

Bitcoin turns geopolitics into a game theory tournament... and freedom is the winning strategy.Image
5/ El Salvador: The New Standard

Jeff shared his recent meeting with President Bukele who said “I need more of my people in self-custody. I need more nodes run. I need more people spending Bitcoin in this country.”

That’s not dictator-speak. That’s a leader giving power back to citizens.

El Salvador is proving what happens when a nation embraces Bitcoin as freedom money.

Hyper-inflation stabilizes.

Crime crashes back down to earth.

Citizens prosper.Image
6/ Cognitive Dissonance

Whether you like it or not, politicians needs to be involved in order to hyper-Bitcoinize the world.

Booth’s approach with politicians is simple: Start with an absolute truth.

For example, everyone intuitively understands that the natural state of the free market is deflation.

However our credit-based system openly contradict that idea as we experience varying degrees of inflation globally.

This clash of ideals forces leaders to reconcile the lie.

That’s when the orange pill begins to kick in.Image
7/ Bitcoin: The Alternative System

So what’s the exit?

Bitcoin.

“It’s an open decentralized secure protocol bounded by energy. If it stays decentralized and secure… it’s very hard to cheat.”

Bitcoin is the first global free market we’ve ever had.

Prices fall in Bitcoin terms forever. Value flows to those who create, not those who control.

This isn’t just money.

It’s a new financial system for humanity.Image
If you enjoyed this post, please like and retweet it for a fellow Bitcoiner!

As an ex-TradFi veteran of 14 years, I am creating something in stealth for the Bitcoin Treasury community.

Follow me @BTCBULLRIDER for similar content in the future! Image

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More from @BTCBULLRIDER

Aug 22
Preston Pysh just went on What Bitcoin Did podcast to deliver a masterclass on why MSTR is the king of Bitcoin Treasury Companies.

He covers how MSTR's “financial engineering” works, why some copycats will fail, and why understanding fixed income is the real unlock.

This wasn’t your typical bullish soundbite session - it was a deep dive into the mechanics behind Saylor's Strategy (and why some Bitcoin Treasury Companies can blow up spectacularly).

Here’s everything you missed (with my commentary).

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2/ Why Are Bitcoin Treasuries So Misunderstood?!

Preston says you need three skillsets to truly grasp Bitcoin Treasury Companies:

1. A deep understanding of Bitcoin itself.

2. Knowledge of security analysis (common, preferred, convertible structures, etc).

3. Awareness that the 40-year bull market in bonds is unraveling (aka deep fixed income knowledge).

Most critics only understand maybe just one of these?

Almost no one masters all three.

This is why these Bitcoin Treasury Companies are constantly mispriced and therefore deeply hated.Image
3/ MSTR - A Ponzi?

Many critics dismiss Strategy as “a Ponzi that sells equity to buy Bitcoin.”

Preston points out MSTR is different from other Bitcoin Treasury Companies in that they issue preferred stock and convertible debt - tools most firms can’t access.

The catch?

Most companies can’t copy this because they don’t have the size, liquidity, or trust to access billion-dollar fixed income markets.

What that means is that so they’re stuck issuing common stock that hammers the mNAV, thus negatively impacting shareholders.Image
Read 6 tweets
Jul 5
Simon just prophesied that a tidal wave of capital is heading straight for Bitcoin Treasury Companies.

But this wasn’t your typical Bitcoin conversation.

Simon laid out why we’re still in Phase 1 (the Gold Rush phase) and teased what Phase 2 will look like.

Here’s a breakdown of everything you missed (with my added commentary):

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1/ “Is mNAV a Good Metric?”

According to Simon, "BTC Yield" is the most important metric.

Meanwhile, mNAV is your company's trading multiple and will ebb and flow as the market and community gauges your performance.

While every company has different reasons to be trading at a premium to NAV, Metaplanet initially received its premium because of the capital gains regulations around Bitcoin in Japan.

If you were to buy spot Bitcoin, you will be taxed at an onerous rate of up 55%.

Meantime, Metaplanet has the standard capital gains flat rate of 20% (while also growing your Bitcoin/share)!

So what about Metaplanet’s target mNAV?

The answer: 3 to 5 mNAV.

Why?

"Because it balances high Bitcoin accretion without sacrificing shareholder price."
2/ "How to Value a Bitcoin Treasury Company?"

Currently, TradFi is still struggling to even understand Bitcoin (much less learning how to value Bitcoin Treasury Companies).

That’s why Simon says we need new metrics to bridge the gap.

Here are three key metrics:

mNAV: Market cap plus debt, divided by Bitcoin holdings.

This metrics tells you how the market is valuing the company relative to its Bitcoin stack.

Generally speaking, a higher mNAV means the investment community believes in the company's ability to efficiently generate Bitcoin Yield.

That said, it's one thing to have a high mNAV, it's an entirely different story to maintain it.

BTC Yield: The growth rate of Bitcoin per share over time.

This shows how efficiently the company is stacking more Bitcoin for its shareholders.

With a high mNAV, a company can generate more efficient Bitcoin Yield.

BTC $ Gain: The dollar value of new Bitcoin added, after accounting for dilution.

This is the “Earnings-like” figure traditional investors can understand.

Together, these paint a much clearer picture of what’s really happening under the hood.
Read 6 tweets
Jun 26
As promised, I am doing my diligence on IREN.

Per Frans' suggestion, I started with a Peter McCormack's episode with Daniel Roberts, Co-CEO of IREN.

If you are a fellow IREN virgin, here's everything you need to know (with my added commentary).

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1/ Meet the Co-CEOs

Daniel and Will Roberts are the co-CEO brothers behind IREN (Iris Energy), a Bitcoin mining and AI infrastructure company powered by 100% renewable energy.

Dan brings 20+ years of experience in infrastructure, renewables, and finance, with previous roles at Macquarie Capital and Palisade Investment Partners, a multi-billion AUM infrastructure fund.

Will’s background is in commodities, mining, and digital assets, spending over a decade at Macquarie Group where he co-founded their digital assets team.

Together, the Roberts brothers founded IREN in 2018 after discovering Bitcoin in 2013.

Their edge?

Deep infrastructure expertise and a vision to solve energy grid challenges while scaling Bitcoin and AI compute.Image
2/ IREN = Bitcoin + AI

Back in the 2000s, Daniel saw firsthand how mismanaged renewables caused massive energy grid fluctuations (and waste).

His solution?

Build data centers that flex energy use in real-time while maximizing profitability.

When there’s excess power, IREN mines Bitcoin.

When the grid is stressed, IREN gives power back.

IREN's proprietary algorithm checks prices every 5 minutes therefore creating optimized, on-demand energy for both Bitcoin and AI workloads.

Said another way, there IREN always have 2 buyers for the same unit of energy generated.Image
Read 7 tweets
Jun 11
Dylan LeClair just hopped onto Spaces to explain Metaplanet's new 555 (AKA "Go Go Go" Plan).

But this hour of alpha wasn’t just him reading off the slides.

Here's everything you missed (and why you need to listen to it ASAP).

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1/ 210,000 Bitcoin

Let's start with a rather shocking yet realistic goal.

Metaplanet is targeting 1% of the total Bitcoin supply by 2027.

The best part?

"This new plan frankly is conservative" - Dylan LeClair

But before we dive in, it's important to understand the context first.Image
2/ Moving Strike Warrants

Since Metaplanet is a Japanese company, they have different ways to raise cash than the US.

In order to understand how Metaplanet raises capital, one needs to understand the concept of "Moving Strike Warrants"

Metaplanet issued moving strike warrants to a 3rd party (EVO Fund) which allows EVO to buy shares at the previous day's closing price.

This means that Metaplanet only dilutes when the stock is going up.

It’s the unlike the United States' ATM program, which allows sales of shares even during price drops.

In other words, new BTC is bought with strength, not desperation.

For the uninitiated, this is truly a rare structure that rewards momentum while protecting long-term holders.Image
Read 9 tweets
Jun 10
Michael Saylor just joined Jordan Peterson's show to prophesize the collapse of the U.S. dollar while offering Bitcoin as the solution.

But this wasn’t your typical Saylor interview.

Here’s what made it different (and why you need to watch it):

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2/ The Perfect Interviewer

Peterson is often criticized for interrupting his guests.

But in Saylor’s case, it worked beautifully.

As a clinical psychologist, Jordan's probing questions are designed to uncover the why, not just the what.

This type a pattern interrupt reveals the guest’s underlying psychology, forcing them to present ideas from fresh and unexpected angles.

For example, even though Saylor earned an engineering degree from MIT, he said he would’ve preferred to study history at Yale (but ROTC would not have covered the tuition).

But it is through his exact love of history, combined with a childhood spent immersed in science fiction, that gave Saylor the ability to bridge the past with the future.Image
3/ MicroStrategy: The Zombie Company

Saylor founded MicroStrategy in 1988 and had survived as a publicly traded company for several decades.

By 2010, he had outlasted every rival...except the final boss (Microsoft).

No matter how fiercely they innovated or how hard they pushed, the ceiling refused to budge.

The company was alive, but barely.

No matter how fiercely the team pushed, the ceiling stayed fixed.

Growth stagnated.

Momentum vanished.

It was a fate worse than outright failure - it was the gradual fade to irrelevance.Image
Read 7 tweets
Jun 5
💡Bitcoin Treasury Companies 101: Lesson #2💡

How to Weaponize Your Balance Sheet w/ mNAV & Accretive Dilution

What if stock dilution actually increased shareholder value?

That’s exactly what Bitcoin Treasury Companies are doing.

By flipping the script and raising money via issuing equity, their are activating their balance sheet to accrete Bitcoin, the rarest commodity known to man.

A 🧵:Image
1/ mNAV: The Key to the Bitcoin Flywheel

mNAV = Market Cap ÷ Bitcoin Net Asset Value

For example, a company with a market cap of $2 Billion that has $1 Billion of Bitcoin on its balance sheet has a mNAV of 2.

This multiple reflects not just the Bitcoin balance, but the market’s belief in future BTC accumulation and strategic execution.

It’s the leverage engine of Bitcoin public equities.

In short, their higher the mNAV, the more the investor base believes in their ability to acquire Bitcoin effectively.Image
2/ No One Metric is Perfect

Granted, no single metric should define the quality of a company - mNAV included.

For example, a newly converted Bitcoin Treasury Company with minimal Bitcoin and a relatively large market cap will show an inflated mNAV that doesn’t reflect real strength.

That’s why context matters.

A high mNAV over time, paired with consistent BTC-per-share growth, is far more telling than a one time mNAV spike.

It’s not just about what the metric says today, but how it was earned.Image
Read 7 tweets

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