He calls out Michael Saylor, something almost unheard of in the Bitcoin world. Patrick, CEO of DelphX Capital Markets, says the MicroStrategy model is financial nonsense and that Saylor’s leveraged approach could wreck both his company and Bitcoin’s reputation if things turn south.In this episode, Patrick breaks down what most Bitcoiners don’t want to hear: Wall Street’s asleep, leverage is out of control, and transparency (not hero worship) is what will protect this market long-term. From his days in credit markets to building new hedging tools for Bitcoin treasuries, Patrick explains why corporate hedging and full disclosure aren’t bearish; they’re survival.Links to today’s Show Notes:— https://delphx.com⬇️⬇️⬇️— Sat Chats is a Bitcoin podcast for the curious, cautious, and not-quite-coiners. If you’ve got questions about Bitcoin, we’ve got answers. — Every episode ends with our guests choosing: $50 in cash… or $50 in Bitcoin.— Subscribe and turn on notifications to join our journey to 10,000 subscribers and our 2 million sats giveaway.— Drop your questions or Bitcoin myths in the comments (we read every one).— This show is for educational purposes only and should not be considered financial advice.Support Sat Chats directly by:— Zapping Lightning to satchats@getalby.com— Grabbing your slot in the studio today at https://satchats.com/— Sending Bitcoin to bc1q5yrwe6qxujzumg5j28g0rvckx9n859sa08fupc— Sponsorship inquiries can be sent to show@satchats.com