Watching MSTR play out and find all the different takes on the “ridiculous premium” quite interesting.

New buyers of the stock are paying 3-4x premium for bitcoin and analysts are tripping over themselves to state why the premium must fall!

I’m not so sure. If I break it down to the most basic idea I’m left with this. If you had no way to buy bitcoin directly, and you thought the US adopt is soon as a strategic reserve, would you pay 3-4x for an asset today that you think goes up by a factor of 100x or more over the longer term?

I would!!