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Why does a bitcoiner like Jack need a bank account? Isn’t he the one who should be closing it himself? He’s saying everywhere that banking is broken, fiat money makes people poor and then goes and supports JPM by opening an account there?

👀👀 View quoted note →

This isn’t about competing with #Bitcoin , this is about trying to drive the price down before USD goes to zero so JPM can get more Sats on the balance sheet. In a hyperinflation event (some could argue we already seeing the beginning) the value of MSTR becomes so large that they will become the bank of last resort, lending Bitcoin to banks so banks can stay solvent. Now with that said, Saylor made a bet that the price of #Bitcoin would keep going up, he used leverage to buy more #Bitcoin and didn’t anticipate that he would be a target 🎯 of the bankers and Wall Street (companies that are over leveraged become targets for short sellers). Saylor swung for the fences vs. staying humble and just using profits to build his Bitcoin treasury over time (stay humble). Also, one person called it out perfectly that it is amazing that Jack Mallers had a bank account at JP Morgan of all places. I don’t fault him for needing a bank account to operate in the fiat world. But that would be like a Coke factory worker going home every night and drinking a Pepsi. Don’t do business with your competitors.

Simply means we are doing it right

Bitcoin

Bitcoin is what it is not what they think it is

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I did not know the details of the story posted here by @Marty Bent , interesting stuff. Anyhow, I believe the reason for JP to do that is not what Marty says. More likely they (not only JP Morgan but the whole WS) is trying to accumulate #bitcoin as cheaply as possible and anything goes to shake off weak or over leveraged hands off their #bitcoin. The reason lies in "Bitcoin's Great Dichotomy" here's my story

Bitcoin

Bitcoin is what it is not what they think it is

We should keep JE Bank the name it's catchy

They’re envious and greedy View quoted note →

In fact he now uses Strike for everything. If I remember right, I think he's had a Chase account for a while and once he was living on bitcoin, he used it to transfer cash to just before paying off his cc each month.

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