আমেরিকান টেক কোম্পানি বিটকয়েন ও সলানা কেন কিনছে?

‘বয়্‌কয়েন’-এর আসলইতিহাস

গতসপ্তাহে, MSTR 150M$ Btc-এডড। FOMO-এরজন্যও, CEO-এর tweet-এরজন্য—not। ACTUARIAL MODELS-ইতো BTC-এর IMPLIED VOLATILITY EQUITIES’ COST OF CAPITAL-এরচেয়েও COME DOWN—আর LIQUIDITY PREMIUM DIVIDEND YIELD-একচেয়েও RISING।

DARA LIES, BUT NARRATIVES DO

Solana ‘next ethereum’—না। IT’S A HIGH-THROUGHPUT SETTLEMENT LAYER WITH TRANSACTION FEES BELOW \(0.001। Circle 2023 June-ত \)1B Solana RESERVES-ত DECENTRALIZED TREASURY INFRASTRUCTURE BUILD KORECHECHECHECHECHECHECHECHECHECHETECHECECECECECECECECECETECHETECHETECHETECHETECHETECHETECHETECHETECHETHETHETHETHETHETHETHETHETHETHENCTHENECHENCTHENECHENCTHENECHENCTHENECHENCTHENECHENCTHENECHENCTHENECHENCTHENECHEC

THE NUMBERS DON’T CARE ABOUT YOUR FEELINGS

ARK Invest Circle’s 36% share SELL KORE? YES—but MODEL FLAGGED ON-CHAIN CASH FLOW MISPRICED BTC/SOL PRICE ELASTICITY। MARKET SENTIMENT REWARD NOT—BETA ADJUSTED FREE CASH FLOW MULTIPLES REWARD KORE.

WHY THIS ISN’T A BUBBLE—IT’S A RECALIBRATION

2023-ত MSTR BTC HOLDING 2% TO 45% RAISE KORE—BY CHANCE NOT, BUT REGRESSION ANALYSIS ACROSS 17 QUARTERLY FILINGS। OPTIMISM NOT—RISK ADJUSTED CAPITAL ALLOCATION。

REAL QUESTION: ‘ARE THEY CRAZY?’—NOT! REAL QUESTION: ‘WHY HAVEN’T YOU RECALIBRATED YOUR DISCOUNT RATE YET?’ IF YOU’RE STILL USING CAPM TO VALUE CRYPTO FIRMS—you’re not just late. You’re obsolete.