From a fiat returns stance is this like getting MSTR at 2022 values ?

Was Saylor right about Bitcoin years before his stock was rewarded for being right ?

It could be he had his moment, peaked, and it’s going to be downhill from here.

It could also be that he is correct about digital finance and this is the discount before the floodgates open.

There was a time gbtc traded at a discount to the value of its bitcoin holdings and it just seemed so obvious that 1) it would eventually ETF and 2) when it did that discount would instantly evaporate and buyers at that discount got hugely rewarded. While they waited they paid a relatively large expense ratio to own discounted btc and had to wonder if they were nuts for seeing the obvious inevitability on the horizon, or if gbtc had lost the coins, etc etc

Maybe this is similar as Saylor waits for trapped capital to flow into preferred.

Maybe MSTR here will be remembered as the last and most obvious discount

Or maybe it will all fizzle out under his preferred mountains of debt.