Joe Burnett, MSBA
@IIICapital
Bitcoin | Director of Bitcoin Strategy at Semler Scientific $SMLR | Not financial advice
Published this thread at $3,500 BTC in January 2019 when Bitcoin appeared to be on its death bed. Today, November 2022, Bitcoin again appears to be on the verge of death to many outsiders. Interestingly, its USD exchange rate is 4.7x higher.
1/ I come to the conclusion that the extreme bull and bear markets of bitcoin are a feature and they speed up the adoption process. Thread inspired by @BitcoinTina
Just sent $100 of bitcoin to my good friend for his wedding this weekend. 84,000 sats. It’s crazy to think that 100k sats is more than $100 now. Eventually it’ll be more than $1,000.
This afternoon @JoeConsorti invited me on his podcast to discuss the bitcoin treasury company phenomenon, extracting the monetary premium out of traditional asset classes, and bitcoin strategy at $SMLR. Thanks for having me on Joe!
Strategy just created the world's best USD bank account.
The Preferred offering with the shortest effective duration looks to have had the largest initial IPO. Extremely valuable datapoint.
mNAV on pure play bitcoin treasury companies (insignificant operating business) is just a gauge on levered bitcoin market sentiment. The old mNAV premium was seeing the bitcoin futures market trade in contango. And it's almost always in contango outside long bear markets.

Thank you for inviting me on your show @ForrestHODL! We discussed why I joined @SemlerSci, bitcoin strategy at $SMLR, the global bitcoin treasury company phenomenon, and of course bitcoin as well.
A conversation with @IIICapital about the future of $SMLR Bitcoin strategy.
$SMLR has crossed the 5,000 $BTC mark, 5,021 $BTC on the balance sheet with this latest purchase.
Semler Scientific has acquired 175 BTC for $21 million and has achieved BTC Yield of 31.3% YTD. Now holding 5,021 BTC. $SMLR
Semler Scientific has acquired 175 BTC for $21 million and has achieved BTC Yield of 31.3% YTD. Now holding 5,021 BTC. $SMLR
Combining your favorite altcoin with intelligent leverage will accelerate your demise. Leverage amplifies returns.
so, how do we think this ends, if you apply "intelligent leverage" to something that is falling vs bitcoin, don't you just fall faster?
The problem with altcoin treasury companies is that the asset side of their balance sheet is far less liquid and far less scarce than bitcoin. Altcoins can’t accrue value long term, they will continue to be demonetized by bitcoin.
It’s mind bending how much @X has changed my life over the last 7 years.
Wait… I could’ve just bought bitcoin five years ago and ~13x’d my money? That’s it?
Wait… I could’ve just bought $VOO five years ago and doubled my money? That’s it?
Not a single Bitcoin podcast. We’re so early.
Introducing TIME's list of the best podcasts of all time: 100 podcasts that shaped the genre and pushed it forward ti.me/451XhfW
The conditions are truly set for a 2017 style parabolic bull market.
Build your business on $BTC.
We built a $BTC bridge. And it hasn't broken in 5 years.