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@ Nathan
2025-02-27 12:56:48
It’s more than narrative though.
It’s a natural outcome of a system that includes lots of passive flows including index funds & algorithmic trading, volatility traders, & funds with mandates that prevent them from buying spot BTC or even MSTR stock.
Ultimately, BTC should be the very catalyst to unwind these stupid anti-free and sane market issues. But until they do, it should continue.
Then the very end state of MSTR is probably still worth more than the underlying BTC but some smaller mNAV like 1.1-1.3x. Why would it still be worth more than the underlying BTC? Because when you’re the largest public holder of BTC on a bitcoin standard, you’re going to be able to have opportunities to deploy it profitably *in BTC* terms.
(Btw, AI is not real thinking. It will just spit out what you want or some combination of whatever information it has processed.)