Oddbean new post about | logout
 I see a lot of confusion.

Saylor doesn't buy Bitcoin for Microstrategy because he loves Bitcoin, Saylor buys Bitcoin for Microstrategy because Microstrategy shares have become an alternative vehicle to get exposure to Bitcoin in the absence of an ETF and he keeps buying because his model has certain advantages over an ETF such as no management fees.

Saylor simply uses Bitcoin for his own benefit, if one day his model is no longer profitable, he will sell it.