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Many people take bitcoins, strategy, stretch. And so what happened after this podcast? Instead of the death spiral accelerating on Monday, Michael Saylor found a way to temporarily stop the bleeding by doing practically exactly what I told him to do. Namely: he started selling bitcoins, which is what he is going to do.
He has n't sold anything yet. He just didn't buy any. Many people thought he would buy Bitcoin over the weekend at a price below 60,000. He didn't. Instead, he sold more of Strategy's common stock at a discount and deployed the cash he has to pay his obligations, mostly now in the form of preferred stock dividends, and over the extended period he increased the dividend from 11.5% to 12%.
Therefore, this increases the amount of cash that Strategy needs to meet its preferred stock obligations. So they raised more cash, but he created what he called the Bitcoin Monetization Fund, which I thought was a little ironic because he considers Bitcoin money, but it's an admission that it's not money because he needs to monetize it first .
He has to convert his Bitcoin into money. And now there are three reasons why this strategy would be to sell Bitcoin. One of them is to raise more money for your dollar reserve. And , by the way, they established a minimum dollar reserve. And so when the dollar reserve falls below that minimum, I forget what the threshold is, but now they have to increase it.
How are they going to increase it? They are going to sell Bitcoin to maintain the dollar reserve, and it will continue to deplete if they have to keep increasing, uh, dividends. So, this is the first, and they allowed the sale of up to one and a quarter billion worth of bitcoins. One in a quarter of a billion.
Remember, he sold 32 bitcoins, uh , for a few million dollars and crashed the market. Imagine having to sell that many Bitcoins. But there are two other reasons why they might sell Bitcoin. First, it is a buyback of common stock, which trades at a significant discount to bitcoin per share. It makes sense to buy back common shares.
And buy back preferred shares. You know, Stretch was sold at a hundred, and even though it had a big rally after that news and probably a lot of short covering, um, even with the big rally, Stretch is still trading or closed the week at 87.8. This is far from the minimum. It dropped to about 71.5 or something like that.
But it is still well below par. In fact, even with a higher coupon, right ? It's still not at 100. The current yield, if you bought Stretch at the close, the yield you get is 13.65%. So the market still doesn't believe, you know, 12%, and in fact, in a month they'll have to raise the yield to at least 12 and a half.
They're going to have to keep raising, um, the dividend, rather, on Stretch, because he kept repeating that the goal is for Stretch to go up to 100. Well, it didn't go up to 100. They're going to have to keep buying it and raising the dividend. And they will buy, um, common stocks. Now the market has strengthened on this.
Mainly on Stretch and, um, strategy. Bitcoin has n't really gone anywhere. Then they actually sold it in the middle of the week and it dropped below 58,000 for the first time in over a year. So, Bitcoin itself hit a new low, but over the next 2 days, Bitcoin bounced back. And in fact, it went up above, um, 62,000 earlier today.
Uh, but as I write this after the US market close , Bitcoin is around 61,300. So it has recovered from its lows, but I think a big drop is coming as the markets realize what just happened. Because Strategy just went from being the biggest buyer of Bitcoin to being the biggest seller of Bitcoin. And they have n't even sold any yet.
But they are going to sell . And that changes the dynamic , because when Strategy was a big buyer and spent $60 billion buying Bitcoin, that was a big positive in itself. But the fact that Strategy was present as a buyer, other people wanted to buy because Strategy was buying. This is what gave you confidence.
You had this big buyer who was protecting the market, who was underbidding , who was de-risking Bitcoin because you knew you had this big buyer. Well, now you know you have a great seller. It's the opposite. People now don't want to buy before Strategy buys, they want to sell before Strategy sells and brings the market down.
Plus all these other Bitcoin management companies were created to follow in Strategy's footsteps. Well, now they're not going to create any more Bitcoin management companies because now it's going backwards. And in fact, many other companies will now find themselves in the same situation. Their shares are trading at a discount to the value of their Bitcoin.
So they won't buy Bitcoin anymore . They will sell their Bitcoin. So, if all the Bitcoin treasury companies are getting rid of their Bitcoins, why should investors buy them? In fact, investors will sell them. People who own Bitcoin ETFs will liquidate them. They will sell. And I think that when people start thinking about it , maybe this weekend, next week, we will see a resumption of the Bitcoin decline.
And this will lead to the fall of Strategy and Stretch. Because ultimately, if Bitcoin falls, they will fall too. Gold jumped above $4,000, silver above $60 . Michael Saylor finally capitulated. Now he sells Bitcoin. Strategy has transformed from the largest buyer to the largest seller. The death spiral is accelerating.
Trump made $2.2 billion in 2025 from Mar-a-Lago meme coins by selling access. This is legalized bribery. The Declaration of Independence was about freedom from government . Now Americans want the government to support them. Happy Independence Day. The employment report, which was also released a day earlier.
We usually get it on the first Friday of every month, but since the market is closed tomorrow for the Independence Day holiday, we got the numbers today. And, as I've been saying for a long time, numbers do n't really matter. Because everything the government announces will be revised downwards not only in the coming months, but also in the coming years.
So the numbers are completely unreliable, and it amazes me why anyone trusts them. But, you know, the markets are still reacting to them, so I'm going to talk about that. So, expectations for the June figure were 114,000 jobs, down from the 172,000 jobs the government reported in May. The actual number of new jobs was 57,000.
So, significantly less than the 114. In fact, if you look at the jobs that were expected to be created , expectations ranged from 70,000 to 145,000. So not only was it below estimates, it was below the low end of the range, which was 145,000. But to add insult to injury, they revised the May number down from 172,000 to 129,000.
They also revised the month before that down. I don't remember how much, but it was two months of downward revisions . Survey: Full-time jobs fell by 514,000 during the month. We have the fewest number of Americans with full-time jobs since 2024. So, that means we have fewer people with full-time jobs than when Trump was elected.
In fact , the exact number of full- time jobs lost since Trump's second election is 2,239,000. So full employment has been destroyed. That's why Trump is so unpopular, because so many people have lost their full-time jobs. And many other people were so dissatisfied with the job market that they dropped out of the job market altogether.
And when it comes to manufacturing, between the time Trump was re-elected president and the 3,000 manufacturing jobs gained today, the US has lost 73,000 manufacturing jobs. So, despite all of Trump's talk about how his tariffs would bring manufacturing jobs back to the United States, that hasn't happened.
We have fewer people employed in manufacturing now than when Trump returned. So tariffs do not bring back manufacturing jobs. All they do is raise the price we pay for manufactured goods. And prices are rising. Jobs are disappearing. The jobs report was disastrous. Only 57,000 jobs were added compared to 114,000 as expected.
The number of full-time jobs decreased by 514,000. 700,000 workers left the workforce. Manufacturing jobs have been lost under Trump. The Fed's hawkish talk is a show. They will not raise rates. Bitcoin will not fall for 30 years. This is impossible. As soon as investors believe it is falling, it starts falling.
And here the deadly spiral begins again, because the lower Bitcoin falls, the more Bitcoin the sailor has to sell to cover his obligations. His liabilities are in dollars. They are not in Bitcoin. And so when Bitcoin falls, it's harder for a sailor to meet those obligations using Bitcoin. And the more Bitcoin falls, the bigger the discount will be, which will ultimately turn out to be behind the strategy, because the more people dump it, the higher the coupon will be, the more dividends it will have to pay to people who hold the stock.
So what Saylor did on Monday was a real surrender. He raised the white flag. He capitulated. He went from never selling Bitcoin to, you know, we're selling Bitcoin. This is the essence of the strategy now. Their business is not about buying Bitcoins. Their business is trying to gradually get rid of their bitcoins so that they can pay their other obligations using their bitcoins.
Anyway, I also want to talk about another big story of the day, which is how much money Donald Trump made last year, because apparently the financial statements were released, and Donald Trump made something like $2.2 billion in 2025. This is real money that he earned through his various ventures. This is a huge amount of money.
Trump has never made so much money in one year in his life. Now, it is obvious that the income received by Trump depends very much on whether Trump is president. It was precisely because Donald Trump was president that he was able to make all this money . It's not just his popularity, but also his perception that he can use his presidential powers in a way that benefits the people.
This is the key to success. And in fact, Donald Trump has made it clear that the White House is for sale. I mean, he took the Bidens to a whole new level of government involvement . Actually, listen, OpenAI, they just said something like they want to give the US government 5% of their company. Well, do you know why?
I mean, they're obviously trying to curry favor with the government. This does n't apply to Trump personally, it applies to the US government. But I don't like it. I don't like the US government having stakes in any companies. I do n't like that the US government has an incentive to, you know, tilt the rules of the game in favor of companies in which it has a stake and against those in which it doesn't.
But the Trump administration is making so many deals that it's clear that you need to, you know, earn the president's favor. And that's one of the main reasons why he made so much money. So, the biggest profit, I think, was in cryptocurrency. I think just in cryptocurrency, and it's tokens, memes, and various licensing and royalty deals with these types of coins, he made $1.4 billion just on these tokens.
Just in these tokens. And you know, I watched this interview with the president. And the reporters asked him about all this money he had earned. Like, "Oh, hey, can you comment on that? " And the first thing he said was, "Well, you know, I've always made a lot of money. I made a lot of money before I became president.
You know, yes. Yes, he did , but not like this. It's a lot more. And by the way, he's president now. It's supposed to be a full-time job . How does he make so much money in his spare time doing this full-time job of being president ? He makes more money now, you know, not even working, than he did when he was working.
And now he's trying to say he had nothing to do with it. " He's like, " Well, you know, I don't really know, you know, I have blind trust, or he wasn't even sure what it's called. I don't know what's going on ." I have big firms, and, you know, I hope they know what they're doing. I don't know, maybe not, but I think they did a good job.
Supposedly he somehow has no idea how his, uh, finance managers made him $2.4 billion last year, which, I, you know, is impossible. And much of it probably comes from businesses controlled and run by his family. They want to get some kind of special deal. They either want tariff exemptions, or they want the government to invest in their company, or pass some favorable legislation, and so they are happy.
And they know that Trump has set all of this in motion like never before. He made it clear to people that you want to do business, he's a businessman , let's do business. You know, look at all these deals that he's making around the world in the Middle East, you know, yeah, you know, are these deals for the good of the United States?
Who the hell knows? Some of them may be , but many of them are for companies in which Trump or his family has a stake, or companies run by people who are members of his clubs who bought his meme coins. This is what is happening, and it's a real shame that all of this is now gratifying. Of course, you know, Trump will brag about these new Trump accounts that I think he's just launching.
And it's all a trick, you know, the US government puts a thousand dollars into these accounts to get it all started. He says, “Oh, look at this great thing I’m doing for the youth. "I'm giving everyone a thousand dollars." Yes, it's all borrowed. So we are increasing the deficit not just one year, but every year.
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