Oddbean new post about login | logout Lots of paper Bitcoin is being bought. All the spot ETFs already have a supply of Bitcoin purchased by investors. If people only bought spot and transferred it to their own hardware wallets, we would already be much higher.
And that is the reason why it currently makes no sense to buy MSTR. Spot BTC is much safer. It is quite possible that MSTR will stop rising in fiat at some point, while BTC catches up. For me, there is currently too much fantasy in the MSTR price about future levarage transactions.