If Bitcoin effectively drops below $75,000 (a key level in the MSTR financing narrative), MSTR's premium and options characteristics will be systematically downgraded by the market. In a deleveraging environment, the reverse suppression of Bitcoin's marginal liquidity will further push down the price. Everyone should revisit my article analyzing why, when the US begins strategic reserves of Bitcoin, the narrative of Bitcoin as "digital gold" has entered a tragic reality of chronic death.

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