He still kinda winged the justification of the mnav premium. Sure, it's easy to argue that it should be above 1x.

But he needs to better explain the value prop and opportunity cost of it being above 2x (or more).

I can see it growing as much as there's a lot of bond-restricted capital looking to escape the debasement. But long term, it has be much closer to the 1x.

What do you think? 

 I think the premium reflects the markets belief that he will continue to increase Btc per share 

 Regular people can’t borrow at those rates or issue death to buy more bitcoin. MSTR lets people get a piece of the that (speculative attack on the dollar)

The only thing better than bitcoin is more bitcoin 

 Debt* 

 Yes that's for sure.