Knowingly or unknowingly, we’re all trying to minimize counterparty risk with Bitcoin. Whether it’s a currency, a government, a company stock, or any other asset, we hedge counterparty risk by buying Bitcoin. Yet suddenly, the same people become fans of MSTR, which undermines the very purpose of Bitcoin. I’m not a hater of Saylor or his company, but I won’t touch it in a million years because it reintroduces the counterparty risk that I’m trying to avoid.

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