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Lewis expects MicroStrategy to survive but materially underperform Bitcoin, as shareholders will eventually sell the stock to buy Bitcoin directly.
Strategy sold $467M worth of MSTR shares but did not buy or sell Bitcoin. The firm's USD cash reserve increased by $450M to $3B, while its Bitcoin holdings remained at 843,775 BTC.
Strategy's Bitcoin holdings represent about 4% of the total supply, purchased at an average cost of $75,476 per coin. The current paper loss on that position is roughly $10.7B.
Held counters institutionalization critics by saying BlackRock and MicroStrategy make Bitcoin 'too big to fail' for regulators. This political hardening provides censorship resistance by making it too expensive for governments to attack.
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