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Just a reminder for all the irresponsibly long #MSTR crowd in #bitcoin land.

Not saying it’s over but definitely was ahead of its skis.

It’s more than narrative though.

It’s a natural outcome of a system that includes lots of passive flows including index funds & algorithmic trading, volatility traders, & funds with mandates that prevent them from buying spot BTC or even MSTR stock.

Ultimately, BTC should be the very catalyst to unwind these stupid anti-free and sane market issues. But until they do, it should continue.

Then the very end state of MSTR is probably still worth more than the underlying BTC but some smaller mNAV like 1.1-1.3x. Why would it still be worth more than the underlying BTC? Because when you’re the largest public holder of BTC on a bitcoin standard, you’re going to be able to have opportunities to deploy it profitably *in BTC* terms.

(Btw, AI is not real thinking. It will just spit out what you want or some combination of whatever information it has processed.)

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Discussion

Kane McGukin 10mo ago 💬 1

The ultimate end goal of capturing a large stack of base money is to build a bank.

It’s that simple. There is 200+ years of proof in out to do it across various scarce resources. All that is different is BTC is the first in the digital realm.

The behaviors and dynamics are exactly the same.

Nathan 10mo ago

Build a bank is one option. Buy great companies that didn’t put BTC (or enough of it) on their balance sheet before we ended up on a BTC standard is another option. Think Berkshire.