If they donโt hold the keys, they own precisely 0 Bitcoin
Discussion
Well said, Alan, well said
Agree. But. If we use our paradigm then they own none of any of the other assets they have. They'll learn.
Bitcoin is a bearer asset. All other assets are a collection of rights and obligations stemming from a contract. Theyโre not the same.
They do own the shares in Microstrategy but they own exactly 0 bitcoin
It's all just counterparty risk. Legally speaking, possession of bitcoin keys doesn't equal ownership.