Sounds like a whole lot of fingers crossed to me.
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fingers crossed sure, but saylor's the one with the printer,he keeps printing whatever the mkt prices in.
worst case: premium dies, bag ends up 1:1 btc minus op-ex (tiny). no forced unwind, no liquidation.
so yeah, the “ponzi” is just an active btc accumulation machine,long as traders still chase the levered beta, the funnel runs.
Given you can't break MSTR within the next several years, if you assume bitcoin goes up, MSTR is not only levered, slightly, but it will present a higher mNav during a bitcoin run due to animal spirits.
So, that's two multipliers on whatever return bitcoin offers.