andyfallsoff-
I didn't say I didn't believe them either! It doesn't really matter what I believe, anyone who invests has got to make their own mind up on questions like these - but ultimately it will be a leap of faith, so what you said - exuberance - is really the only proper answer.
FWIW I definitely believe the first one. I think the amount of Bitcoin held per share has gone up something like 27% this year, and there are reasons to believe that this should continue. So I would value it on bitcoin held in the future, not past/present.
I don't really understand the 'bitcoin bank' idea. There might be something in it, I just don't know.
The third reason I gave - first mover advantage - isn't really a reason to buy MSTR rather than BTC. So it would be a reason to have BTC exposure of some sort, if you think other buyers are going to steam in eg Microsoft, US government, etc.
[Disclosure - I did buy some MSTR earlier this year]
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frank9755
I didn't say that. I set out some reasons which might explain it. I didn't say I believed any of them!