Catalysts
- Bitcoin as the first-class wealth preservation medium
- Risk-off asset - hedging against macroeconomic tailwinds - e.g. currency debasement, hyperinflation
- Institutional Bitcoin Adoption
- Bitcoin Halving
- Zero-competition in aggregate BTC ownership (1%+)
Assumptions
- Bitcoin continue to attract greater inflows
- MSTR continues to purchase bitcoin
- MSTR continues to innovate in its B2B data intelligence offerings
Risks
- Restrictive government regulation on Bitcoin or the broader cryptocurrency market.
Valuation
- With BTC PT of $100,000 by 2024, MSTR circa $2,500
- With BTC PT of $150,000 by 2026, MSTR circa $4,000
- With BTC PT of $250,000 by 2028, MSTR circa $7,500
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