Original author: Glenn Hodl
컴파일됨 ~에 의해 오데일리 행성 일일 ( @오데일리차인 )
Editor鈥檚 Note:
The trend of the cryptocurrency market is still confusing, but Microstrategy (MSTR), which is strongly tied to Bitcoin, has recently set a record high in its stock price. U.S. stock quotes show that on October 9, MSTR once approached the $200 mark, reaching a high of $198.35. 말하다
Recently, overseas KOL Glenn Hodl gave his own analysis on Microstrategys strong performance. Glenn believes that even if the price of Bitcoin stops growing, Microstrategy can use the differences in the markets valuation models for commodities and companies to create a perpetual motion machine that can sustainably increase its own market value, which will eventually make Microstrategy the worlds largest company by market value.
The following is the original content of Gelnn, translated by Odaily Planet Daily.
Microstrategy CEO Michael Saylor seems to have found an economic model that is like a perpetual motion machine.
Im not sure this mechanism can be stopped, but if it continues to work, Microstrategy will likely become the most valuable company in the world.
The reason is that the way a company is valued is fundamentally different from the way a commodity such as Bitcoin is valued, which creates a paradox when the market values Microstrategy (MSTR) – commodities always trade at current prices; while companies trade at a discount to their future value.
Therefore, if you believe that Bitcoin will be worth more at some point in the future, then the Bitcoins held by Microstrategy will and should also be worth more. 말하다
This may create a second-order effect, that is, Microstrategy can continue to capture this premium expectation, which not only enhances the attractiveness of its narrative, but also helps boost its market value.
Some readers may still not understand, so the following is a static, super-simplified version.
Now there is a company that has issued 10 shares and holds 10 bitcoins.
Assume that the current spot price of Bitcoin is $2, and the market expects it to rise to at least $4. Using the model for valuing the company (trading at a discount to its future value, assuming a 50% discount), the companys stock price would be $3, a 50% premium to its net asset value.
The boss of the company saw an opportunity here, so he issued 2 new shares at the market price and used the $6 to buy 3 bitcoins from the market.
Now, the company has issued a total of 12 shares and holds 13 bitcoins. The ratio of bitcoin holdings/share issuance has changed from 1:1 to 1.08:1.
The key point is that the companys market value is now $36 and its treasury value is $26. The premium rate has shrunk to 38% (or the discount rate has increased to 62%), but the market will still value the company at a 50% discount to future value , which will help the companys market value rise to $39, corresponding to a per-share price of $3.25.
After the premium is repaired, the boss of the company can repeat the above path again, that is, issue 2 new shares at the market price, and then use the $6.5 to buy 3.25 bitcoins from the market.
Now, the number of shares issued has reached 14, and the number of Bitcoins held has reached 16.25. The ratio of Bitcoin holdings/stock issuance has changed from 1.08:1 to 1.16:1.
나중에, as the market repairs the premium again along the path of valuing the company at a 50% discount to future value , the companys market value will be pushed up to $48.75, corresponding to a share price of just under $3.5.
So far, although the price of Bitcoin has not changed and the premium rate has returned to 50%, the companys Bitcoin holdings/share issuance ratio has increased by 16%, and the stock price has also increased by about 16%.
At this point, the prototype of a monster has been born. The company can repeat the above process and use the differences in the markets valuation model for commodities and companies to create a perpetual motion machine, and the market will continue to increase its valuation, firstly because the future value of Bitcoin will increase, and secondly because the companys Bitcoin holdings/stock issuance ratio is also increasing. 말하다
Microstrategy is this monster, and it is expected to become the largest company in terms of market capitalization.
This article is sourced from the internet: As the stock price hits a new high, analyzing Microstrategys rising perpetual motion machine
관련: 비트코인 스마트 계약 구현 솔루션 OP_NET 및 Arch에 대한 자세한 설명, 생태계를 가져올 수 있습니까?
지난 반달 동안 비트코인 메인넷의 두 스마트 계약 구현인 OP_NET과 Arch가 많은 논의를 불러일으켰습니다. 흥미로운 점은 OP_NET이라는 이름이 익숙한 OP_CAT과 매우 유사하다는 것입니다. 둘 다 OP_로 시작하는데, 이는 매우 혼란스럽고 사람들이 둘이 비슷하다고 생각하게 만듭니다. 따라서 처음에 OP_CAT에 대해 언급하고 싶습니다. 우선 OP_CAT은 비트코인 명령어입니다. Quantum Cats 또는 Great Wizard Taproot Wizards의 설립자인 Udi Wertheimer가 이끄는 커뮤니티는 작년부터 OP_CAT의 부활을 요구해 왔습니다. OP_CAT이 기존 비트코인 명령어이기 때문에 부활이라고 불리지만, 사토시 나카모토는 잠재적인 DoS 공격을 일으킬 수 있기 때문에 2010년에 이를 제거했습니다. CAT은…
한국어 
English 
繁體中文 
简体中文 
Français 
Deutsch 
Русский 
Español 
日本語 
ไทย 
Tiếng Việt 
العربية 
Bahasa Indonesia 
हिन्दी 
اردو 
Türkçe