10x Research: MicroStrategy's poor stock performance indicates that investors are no longer willing to buy Bitcoin at an implied price of $200,000 or higher

10x Research posted on the X platform, emphasizing in recent weeks that MicroStrategy is overvalued. Investors are seriously overpaying for indirect exposure to Bitcoin, rather than using it as a real leveraged investment in Bitcoin. Despite massive acquisitions of Bitcoin, the stock's poor performance indicates that investors are no longer willing to buy Bitcoin through MicroStrategy at an implied price of $200,000 (or higher), when they can directly purchase it at a lower price.

Larry Fink of BlackRock and Michael Saylor of MicroStrategy have played key roles in shaping the narrative of this bull market, driving strong interest in Bitcoin. While some investors may not be able to directly purchase a Bitcoin ETF, many have turned to MicroStrategy as an alternative.

However, with MicroStrategy's share price falling 44% from its peak and other companies adopting bitcoin as a treasury asset strategy on a smaller scale, the tailwind generated by this narrative seems to be weakening for bitcoin. Combined with other factors such as liquidity, trading volume and stablecoin issuance momentum will play key roles in determining its direction entering into the new year.