Rough Consensus with Checkmate MicroStrategy Bewilderment with Jeff Walton (RC#8)
5 snips
Dec 30, 2024 
In this discussion, Jeff Walton, a dedicated analyst in markets and Bitcoin, shares his deep insights on MicroStrategy's bold strategies under CEO Michael Saylor. He explores how the company's unique Bitcoin approach challenges traditional finance, paralleling it to early tech marvels like Amazon. The conversation delves into the complex world of valuing Bitcoin within corporate finance and navigating market volatility. Walton also touches on risk management innovations and how MicroStrategy’s maneuvers could shape the future of financial markets.
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MicroStrategy Bewilderment
- MicroStrategy’s bewilderment stems from a market misunderstanding of leverage and Bitcoin’s technology.
- Traditional finance grasps leverage but not Bitcoin, while some Bitcoiners understand the tech but distrust leverage.
MicroStrategy's Function
- MicroStrategy's primary function is packaging and selling volatility to Wall Street.
- Saylor creates financial instruments with varying volatility and return profiles to cater to different investor appetites.
The Saylor Premium
- Saylor’s "premium" represents market speculation on MicroStrategy’s future value beyond its Bitcoin holdings.
- It includes his ability to leverage, market access, and potential future strategies.