MicroStrategy & The Infinite Money Glitch

MicroStrategy is one of the best performing assets in the world right now, and this has caught many Bitcoiners (including myself) flat footed. Time to unpack the Saylor story and see what's going on.

G’day Folks,

MicroStrategy.

This is one of the most requested topics of late, and something I certainly did not have a single clue about just a week ago. As usual, my approach is to run the numbers for myself, and see if I can come to some form of conclusion regarding how to think about this weird and wacky stock.

I personally have no position in MSTR, although like many, I wish I did. However, my goal of this piece was purely to work through the logic internally, and form my own conclusion about the asset.

My initial gut reaction, and I think one that’s a sane one for anyone familiar with markets, and seeing the price parabola, was:

• Something doesn’t feel right about this…

• It is too good to be true…

• Nothing can go vertical like that forever…

• It’s just a leveraged play on Bitcoin (as bullish as I am on BTC)…

Aside from my own curiosity, I am very aware that Bitcoin tends to break rules and priors, and it forces us to think differently about almost everything.

So I decided to ignore my instinctual repulsion to this parabolic price chart, and instead try to build a case for how I might need to think differently about MSTR. I also wanted to see if there is a path to better valuing this weird stock.

For completeness, I will also step through my take on the MicroStrategy story using data, and attempt as best as I can to illustrate what exactly Saylor is doing for the audience.

Buckle up, because this one is a bit of a mind bender.

What a chart…

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