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it will only work as long as they continue to find people who want to buy their bonds and that implies that people don't have access to buying bitcoin directly, that is the simple strategy -- if institutions cannot buy bitcoin, but can buy stocks and bonds then microstrategy will continue to work

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The other reason that their bond will be in high demand is as the treasury bond market in a slow train wreck, $MSTR bond will serve as escape valve for the bond investors. This also applies as other kinds of bonds caters.