Is Michael Saylor’s Bitcoin Strategy an Infinite Money Glitch? | Dan Hillery | BFM259
Is Michael Saylor’s Bitcoin Strategy an Infinite Money Glitch? | Dan Hillery | BFM259  
Podcast: Bitcoin for Millennials
Published On: Thu May 21 2026
Description: Dan Hillery is a Founding Member of True North and a macro strategist specializing in Bitcoin price modeling and derivatives.› ⁠https://x.com/hillery_dan⁠PARTNERS🌳 Gain peace of mind with Onramp’s Multi-Institution Custody solution. Sign up or schedule a free consult: ⁠https://onrampbitcoin.com?utm_campaign=2026_bfm-partnership&utm_source=podcast&utm_medium=referral&utm_content=podcast-description⁠🟧 Buy Bitcoin in the EU 🇪🇺 via ⁠https://relai.me/bram⁠ - Sign up with code BRAM to get 10% off your fees🔐 The Bitcoin Way is your personal Bitcoin security team. Schedule a free, 30-minute consult: ⁠http://www.thebitcoinway.com/bram?utm_medium=podcast&utm_source=partner-bram-kanstein⁠🤝 Firefish is the open market for Bitcoin-backed loans. Find offers and get 30% off your first loan’s fees with code BRAM: ⁠http://firefish.io/?ref=BRAM⁠PRODUCTS I ENDORSE› Get 10% off a Bitaxe open-source Bitcoin home miner using code BRAM at ⁠https://shop.powermining.io/?ref=BRAM⁠› Heat your home and Earn Bitcoin with Heatbit - Get 5% off with code BRAM ⁠https://heatbit.com/?ref=BRAM⁠› Blockstream Jade Plus: The simplest and most secure hardware wallet on the planet - Get 10% off with code BRAM at ⁠https://store.blockstream.com⁠› Stamp Seed: The safest way to backup your hardware wallet - Get 15% off with code BRAM at ⁠https://stampseed.com⁠🔔 SUBSCRIBE TO GET NOTIFIED› ⁠https://youtube.com/@bramk⁠⁠⁠› ⁠https://x.com/bramk⁠🕑 TIMESTAMPS00:00 - Introduction to Bitcoin as Collateral02:48 - The Role of Risk in Financial Instruments03:09 - The Concept of Over-Collateralization05:03 - The Mechanics of Stretch and Its Market Position06:28 - The Comparison of Bitcoin and Traditional Bonds09:13 - The Stability of Stretch as a Financial Product12:21 - The Future of Bitcoin-Backed Credit Systems14:52 - The Infinite Money Glitch and Capital Preservation26:24 - Mechanisms of Dividend Adjustment28:06 - Understanding STRC's Unique Market Position28:39 - Interest Rates and Capital Flow Dynamics29:02 - Demand and Supply in the Market30:40 - The Role of Bitcoin in Capital Management34:33 - Yield Dynamics and Market Perception38:02 - The Leverage of Bitcoin in Capital Structures41:33 - Bitcoin's Role in Traditional Finance45:39 - Liquidity and Investment Shifts47:48 - Future of Bitcoin-Backed Credit Instruments50:53 - Bitcoin as a Unit of Account55:45 - The Future of Bitcoin in Global Financeℹ️ EPISODE SUMMARYIn this in-depth interview, Bram Kanstein and Dan Hillery explore Bitcoin-backed financial products like Michael Saylor’s and Strategy’s STRC (Stretch), the role of Bitcoin as digital collateral, and the future of Bitcoin in global markets. Dan also shares insights on how Bitcoin could revolutionize traditional finance, the mechanics of Bitcoin-backed credit instruments, and the long-term vision for Bitcoin's integration into mainstream finance. Dan also breaks down overcollateralization, volatility stripping, and why liquidity is the real cheat code. They confront the Ponzi accusation, and explain when selling Bitcoin to pay dividends can be rational capital management. The endgame is Bitcoin as global collateral, and a new hurdle rate for capital.RELAI DISCLAIMERRelai sponsors this show/podcast and is authorized to provide crypto-asset services in Switzerland and across the European Union under the MiCA regulatory framework with its license issued by the French regulator, AMF (License No: A2025-006). The company is actively expanding its services to EU member states following the completion of passporting notifications.