Does the $MSTR stock trade at a premium?

Michael Saylor was asked yesterday in an X spaces with VanEck's CEO about the perception that the $MSTR stock trades at a premium to the intrinsic value of MicroStrategy's Bitcoin.

Saylor follows up with an absolute masterclass of an answer, and a truly profound insight into the value of $MSTR as not only a stock but an entirely new business model. What do you think about Michaels's answer? Let me know in the comments.