Everyone has Saylor's trade completely wrong. The bears think it's a Ponzi. The bulls think it's invincible. Dan Hilery says both sides are missing the actual numbers and the real story is more interesting than either of them.

Bitcoin is at $62,000. MSTR is trading where it was two years ago. STRC has broken its $100 par and is sitting in the low nineties. The shorts are piling in, put volume is three times the calls, and Peter Schiff is calling the whole thing a Ponzi.

But Dan Hilery says everyone is looking at this completely wrong. And he has the numbers to prove it.

Here's what we get into:

• Why the MSTR short thesis has a fatal flaw that almost no one is talking about

• How Strategy selling Bitcoin made headlines while the 50x buyback was barely mentioned

• Why STRC breaking par is not the death spiral signal the bears think it is

• What the put to call ratio actually tells you about positioning and why it could be the setup up for a violent short squeeze

• The real math behind Strategy's Bitcoin treasury model and why the numbers still work at $62,000

• Why this moment looks a lot more like a buying opportunity than a blowup

• What has to happen for MSTR to get back to all time highs — and why Dan thinks the catalyst is closer than most people think

• Why Peter Schiff has been calling this a Ponzi from the beginning and why he will be wrong again

• The shorts are the loudest they have ever been. Dan says that is exactly when you want to be paying attention.

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