Simply Bitcoin Will MicroStrategy Outperform Bitcoin Itself? | Alex Thorn
Aug 25, 2025
Alex Thorn, Head of Firmwide Research at Galaxy, dives deep into the shifting dynamics of Bitcoin investment. He examines whether MicroStrategy can truly outperform Bitcoin itself and discusses the paper Bitcoin risk posed by the rise of ETFs. Thorn reveals surprising insights about U.S. government Bitcoin holdings and questions the relevance of traditional four-year cycles in a dominantly institutional market. He also touches on the potential threats of quantum computing for Bitcoin's future security, offering unfiltered truth bombs throughout.
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Bitcoin's Upside And Unique Sovereignty
- Alex Thorn argues Bitcoin still offers a possible 10x over 5–10 years due to scarcity and geopolitical shifts.
- He warns treasury companies can't replicate Bitcoin's censorship resistance or key control.
Hold Your Own Keys
- Do hold some Bitcoin yourself and control the keys to get censorship resistance and full network features.
- Build a personal stack so you have that lifeboat freedom money for emergencies.
ETFs Reduce Self-Custody Adoption
- ETF convenience has reduced self-custody adoption despite improved self-custody UX.
- Alex expects brokerages to add withdrawal features and hopes some Bitcoin stays 'under the mattress.'