Quick Read – Lepard is personally buying MSTR, targeting $1,000 for the stock that now trades near $128, down 67% over the past year. – Lepard warns Saylor either becomes the world’s richest man or goes bankrupt faster than anyone if bitcoin fails. – Lawrence Lepard, a longtime…
tcoin investor and advocate, laid out one of the most aggressive bull cases for Strategy (NASDAQ:MSTR) on a recent appearance on Thoughtful Money with Adam Taggart. Lepard says he is buying shares both for his fund and personally, and his target price is striking: “I think it’s a $1,000 stock within a few years.” MSTR last traded around $127.69 after falling 35.53% over the past month and 67.34% over the past year, alongside a sharp pullback in Bitcoin, which is down 21.27% over the past month to about $63,495
The $1,000 Call and the Leverage Thesis Lepard’s idea is that MSTR is a leveraged proxy on Bitcoin. Strategy borrows in dollars, issues equity and preferred stock, and channels the proceeds into Bitcoin. That structure amplifies Bitcoin’s moves in both directions, which is why MSTR has historically outrun Bitcoin in rallies and undercut it in drawdowns. “I’m very, very bullish on MicroStrategy,” Lepard said, framing Strategy stock as the most concentrated way to express his view that Bitcoin annual returns continue in the 30-40% range.
The Weimar Germany Analogy Lepard compares Michael Saylor’s strategy of borrowing in fiat currency to buy bitcoin to that of a Weimar-era investor who borrowed money to buy industrial businesses. As the value of the German currency collapsed, investors who had borrowed money to purchase hard assets such as businesses, real estate, or commodities often saw their assets rise in value while their debt became easier to repay in increasingly devalued currency. In an inflationary environment, debt denominated in a depreciating currency becomes easier to service over time, while the hard asset purchased with that debt appreciates in real terms.