Notes
虽然大家都在解读为什么微策略 @Strategy $STRC 并不同于类似于 Luna 或者其他单纯庞氏，
但是胡博这段说的，比我之前的碎碎念的大端篇幅，更容易理解，
推荐比特币投资者，用心学习研究一下！
1️⃣ 本质一句话：
微策略不是在用BTC付利息，而是在用人性付利息。
微策略不是在套利比特币，而是在套利一件更稳定的东西：人类对“利息”的执念。
2️⃣ 核心机制：
BTC = 无息但长期上涨的资产，
投资者 = 想要“稳定利息”的，
微策略 = 做中间套利。
3️⃣ 为什么不需要卖币？
因为它不是现金流模式，而是融资续命模型：新投资者的钱 → 支付旧投资者利息，只要资金持续流入 → 系统就能滚动
4️⃣ 为什么这个“庞氏”能成立：
因为存在一类矛盾人群，既相信 BTC 会涨又不愿意承受“没有利息”的不确定性，微策略赚的是：认知不一致的溢价
5️⃣ 类比帮助理解：
像养老金。
6️⃣ 生死条件：
他是弱庞氏 + 强叙事支撑（BTC上涨预期）的无限续杯融资，支付利息，不来自微策略本身，来自于人性和法币漏洞。
所以这套模型成立的前提：BTC长期上涨 + 持续有人买单“利息幻觉”，
如果：BTC长期不涨，或市场不再需要“利息包装” ，模型就可能会失效
🚨 SAYLOR KEEPS BUYING BILLIONS IN BITCOIN EVEN DURING A BEAR MARKET.
And most of that money is not coming from selling MSTR stock.
It is coming from a product called $STRC.
STRC is a preferred share issued by Strategy with a $100 par value that currently pays about 11.5% annual yield, distributed in monthly cash dividends.
The dividend rate is adjusted regularly with the goal of keeping STRC trading close to $100.
• If STRC falls below $100 → the yield is increased
• If STRC trades above $100 → the yield can be reduced
Since launch in July 2025, the yield has been raised multiple times, moving from roughly 9-10% to about 11.5%.
The key part is how this connects to Bitcoin buying.
Strategy sells STRC shares through an at-the-market program, and the capital raised is used primarily to buy Bitcoin.
This allows Strategy to bring in yield-seeking capital from traditional finance and convert that money directly into Bitcoin without issuing common shares.
For example, on March 9, 2026, Strategy sold about 2.4 million STRC shares, raising roughly $377 million, and then purchased about 1,420 BTC.
STRC currently has about $5 billion in outstanding market cap and raised over $1.1 billion in the last week alone, showing strong demand for this type of product.
STRC is also over-collateralized with Bitcoin, with estimates of roughly $5 of BTC backing for every $1 of STRC issued.
However, the structure also carries several risks.
First, the stability of STRC is closely linked to Bitcoin’s price.
If Bitcoin falls sharply, the value of the collateral backing the product also declines.
Second, the model depends on continued investor demand for STRC.
If demand slows, Strategy may need to raise yields further to attract buyers, which will increase their cost burden.
Third, STRC holders have limited upside.
Investors mainly receive the dividend yield, while the price can still fall below the $100 level during periods of market stress.
This means if Bitcoin stays weak for a long period and capital inflows slow, the cost of maintaining a high dividend could increase and force Strategy to adjust issuance, reduce payouts, or even push them towards selling Bitcoin.
So while STRC has become a powerful tool that allows Strategy to keep buying Bitcoin regularly, it is not a risk-free income product.
Fascinating conversation with journalist @pete_rizzo_ all about bitcoin, Michael Saylor, and $STRC.
This may be one of the biggest moments in #bitcoin history and the mainstream is SILENT.
Guess what comes next...
TIMESTAMPS:
00:00 Intro
01:38 Background
04:49 Worst Moment In
Fascinating conversation with journalist @pete_rizzo_ all about bitcoin, Michael Saylor, and $STRC.
This may be one of the biggest moments in #bitcoin history and the mainstream is SILENT.
Guess what comes next...
TIMESTAMPS:
00:00 Intro
01:38 Background
04:49 Worst Moment In Bitcoin History
13:05 Bitcoin Price Outlook 2026
17:53 Michael Saylor's STRC Explained
20:51 Biggest Potential of Saylor's Strategy
28:48 Will Ethereum DeFi Overtake Saylor's Bitcoin Strategy?
32:25 Bitcoin Going Under $20k?
37:02 Price Expectations by 2030
42:58 Who Is Satoshi Nakamoto?
49:30 Bitcoin Hardfork Coming? Core vs Knots (BIP-110)
58:17 Dangers of A Hardfork
01:05:42 What Actually Defines Bitcoin?
01:14:39 CALL TO ACTION
This type of accumulation of $BTC is like volleyball being held underwater
This compression is going to lead to aggressive expansion
A dividend stock might be accelerating the race to 1M Bitcoin.
Strategy currently holds ~738,700 $BTC while
BlackRock’s iShares Bitcoin Trust holds ~775,100 BTC.
Gap: ~36k BTC.
The interesting part is $STRC, Strategy’s preferred stock.
It offers ~11.5% annual yield, paid monthly. Strategy sells these shares and uses the proceeds to buy BTC.
This week alone:
• ~6M STRC shares sold
• ≈ 3,500 BTC acquired
At its current trading volume, STRC implies buying power of ~1,940 BTC/day.
Bitcoin miners produce about 450 BTC/day.
So one instrument could absorb ~4× daily supply.
If yield products start buying multiples of new BTC issuance… who actually sets the price?
