> As long as the Bitcoin price goes up, that is a viable business.
Okay, let's assume Bitcoin's price is going up forever, Laura. Right now, 16 years after Bitcoin was invented, that's a completely reasonable assumption.
> How much it is worth depends on how many customers they will find in the future. It does NOT depend on their NAV. The premium to NAV simply reflects the market's valuation of their future business potential.
Hold it! You're saying that the premium is saying that rational buyers are calculating that there'll be more customers for $MSTR or Microstrategy's convertible bonds in the future? So it's a ponzi? But is it a good ponzi or a bad ponzi?
That is: where is value being created to be returned to investors who are ultimately left holding the bag?
Okay, let's assume Bitcoin's price is going up forever, Laura. Right now, 16 years after Bitcoin was invented, that's a completely reasonable assumption.
> How much it is worth depends on how many customers they will find in the future. It does NOT depend on their NAV. The premium to NAV simply reflects the market's valuation of their future business potential.
Hold it! You're saying that the premium is saying that rational buyers are calculating that there'll be more customers for $MSTR or Microstrategy's convertible bonds in the future? So it's a ponzi? But is it a good ponzi or a bad ponzi?
That is: where is value being created to be returned to investors who are ultimately left holding the bag?