IMO, these are derivatives on Bitcoin. Most retail was funneled into these “legal” derivatives which did not perform as well as the underlying asset. I imagine what the price could be if people just bought Bitcoin. Not that I don’t appreciate what some millionaire/billionaires have done to raise awareness for Bitcoin, but hoarding Bitcoin in the wallets of a few companies was nowhere in the white paper.
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i can only agree with this comment because saylor hasn’t done the work for self custody yet. but it will happen. also not every institution can buy the underlying. they need these vehicles like mstr.