Former Bloomberg Opinion columnist Lionel Laurent expressed doubts about the long-term viability of MicroStrategy's debt policy.

He noted the clear overvaluation of the company — since the beginning of the year, its shares have risen by ~650%, while digital gold has increased by ~120%. For investors looking at the company's stocks and bonds as investments in "proxy Bitcoin," the offer becomes too expensive.

The expert was concerned about MicroStrategy's plans to raise $42 billion over the next three years to continue purchasing the first cryptocurrency.

However, Bernstein analysts believe that the company's "unprecedented" accumulation of digital gold could lead to a further increase in its shares by 49%.