This article will explore:

a) How we might discern the value of MicroStrategy (MSTR), a company in a fairly unique situation in the space, as well as the basics of how value investors operate.

b) Whether or not, given that MSTR is so heavily invested in bitcoin, the main opportunity cost of investing in MSTR is owning an equivalent amount of bitcoin. Hence, why it now makes more sense to value it in bitcoin than in dollars. The explanation is followed by some rough attempts to do just that!

c) Why the approach of pricing in bitcoin might become more and more relevant in the future.





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