TBF, I can’t argue with your logic 😂
Discussion
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.
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
🫂