pull down to refresh
22 sats \ 4 replies \ @nelom 21h \ on: Strategy’s Proud Return to Junk (Financial Times, Craig Coben) econ
I was watching a Saylor interview earlier, where he described the several offerings to the market, mstr and strk and even more financial manipulations to what is essentially the antithesis of Bitcoin.
But as an institutional or retail investor, I can see the honey that surrounds the pot, guaranteed almost 10% dividend forever, forfeiting your right to custody is fairly uniform in Wall St.
Listening to Saylor's 10M predictions is all well and good until the proof doesn't seem to be in the pudding.
We will all be spectators in the arena if Bitcoin uncouples from it's four year cycle and the performance of Stategy's reaction.
Stack sats stay humble
But as an institutional or retail investor, I can see the honey that surrounds the pot, guaranteed almost 10% dividend forever, forfeiting your right to custody is fairly uniform in Wall St.
here's the problem with that: they need to understand and appreciate bitcoin before they can take advantage of that (since bitcoin appreciating is the answer to the age-old question of "where does the yield come from?!").
And they don't get bitcoin (yet? ever?), ergo no institutional money flowing into instruments.
Ergo, Strategy is doomed. Nice try, but game over
reply
reply
yeah, I mean I'm being a little hyperbolic here but yes: I don't think Strategy's strategy(!) will pan out.
By which I mean:
- mNAV will collapse to (slightly below) 1,
- there won't be any (meaningful quantities of) institutional money coming, and
- they'll be a listed zombie pot of bitcoin with a charismatic leader talking big words