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The problem for me is that any valuation higher than this requires Bitcoin to back debt, of which $MSTR is testing that scenario with the US potentially about to up the ante with its strategic Bitcoin reserve.

I don't know the outcome for this and I don't know if Bitcoin can survive something that gold was never required to do.

It might, it might not.

It's a gamble.

Mî¢h&|3 Dëgli Ü3ę®tį 1y ago

If Bitcoin is "digital gold", the target benchmark is Gold Market Cap

If Bitcoin is "just" money the target benchmark is real/ppp global M1 or global M2

If Bitcoin is the ultimate form of capital your estimate is the righ one

If you back debt with bitcoin, you demonetaze it

🫂

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Discussion

mike 1y ago

Good analysis 💜

Mî¢h&|3 Dëgli Ü3ę®tį 1y ago

Thanks. 😅

I'm working on a couple of btc adoption models... and mining profitability models..

mike 1y ago

You’re going deep my friend.

Good luck 🤞