I’m up 6x on this trade in bitcoin terms. Bitcoin is my unit of account. That’s the only reason to own MSTR. Is to attempt to have more bitcoin.
Discussion
I believe in his thesis … 100%.
When do they deliver proof of reserves?
Proof of reserves don’t mean anything, because you can’t account for liabilities. It’s ceremonial at best.
In an exchange, I can see how that makes sense. But on cold storage treasury strategy intended on staying held in perpetuity?
I disagree, strongly.
I don’t think they plan on holding in perpetuity at all, the capital will likely be lent, borrowed, collateralized in the future.
I agree with @HODL. Saylor’s speculative attack on traditional capital markets is to maximize BTC on balance sheet in the near term. Once they have amassed as much as they can within the constraints of the system, they will likely utilize the balance sheet in creative ways to drive next leg of value creation. They could do dividends paid out in BTC, they could hire the best engineers to work on the protocol, etc. They will need to expand their operating business to generate sufficient cash flows to cover interest payments over time
For now, they are just holding. Disclose your actions and show us on the public blockchain where we can find the corresponding move.
It only adds value to the company (at this moment in time) if they offer proof of reserves.
I’m in the same boat bitcoin as unit of account invested in MSTR and MSTU to grow my net worth in BTC terms above what I can do just stacking. And its a good strategy.
