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For individual and institutional investors, the question persists: why pay a premium and take on leverage via MicroStrategy when they could simply purchase Bitcoin directly? The straightforward answer is accessibility and regulations. Many pension funds, institutional investors, and some types of funds are restricted from buying cryptocurrencies directly. For these investors, owning publicly traded MicroStrategy shares offers a regulated, transparent way to gain exposure to Bitcoin’s gains.
However, as a private investor, owning Bitcoin directly on exchanges is simpler and more cost-effective, avoiding premium premiums and leverage risks built into MicroStrategy’s structure. For retail investors, direct Bitcoin ownership remains the more rational choice.