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Adam Back Says MicroStrategy (MSTR) Is ‘Stupidly Cheap’
Renowned blockchain expert and cryptocurrency pioneer Adam Back has expressed his enthusiasm for the stock of business intelligence firm MicroStrategy (MSTR), stating that it is “stupidly cheap.” This statement comes as a surprise, given that MSTR is already up nearly 12% on Friday.
Back’s argument centers around the fact that MicroStrategy offers leveraged exposure to Bitcoin. Unlike Bitcoin ETFs, which can suffer from compounding effects and decay issues due to their structure, MSTR does not have these drawbacks. This, according to Back, makes it an attractive option for investors seeking a more balanced approach to investing in cryptocurrencies.
As an expert in the field of blockchain and cryptocurrency, Adam Back’s views carry significant weight within the community. His endorsement of MicroStrategy could potentially trigger a surge in demand for MSTR shares, which have already seen significant gains this year.
It is worth noting that MSTR is not without its risks. The company has been heavily invested in Bitcoin, holding over 130,000 BTC as of September 2022. As such, investors should be aware of the potential volatility associated with investing in a single stock that has significant exposure to a highly volatile asset class.
Still, it’s interesting to see Back advocate for MSTR, given his previously expressed skepticism towards some aspects of the cryptocurrency market. This development could signal a shift in sentiment and potentially influence the price action of MSTR shares going forward.
In conclusion, while there are always risks associated with investing in any stock or asset class, Adam Back’s endorsement of MicroStrategy is certainly an intriguing one.
Source: u.today
