The market values MicroStrategy at 50% less than the dollar value of the Bitcoin on its balance sheet.In Q1 2022, MicroStrategy had $170.1 million in Bitcoin impairment losses and $901.3 million in 2021 impairment losses. With Bitcoin's price trending down, I expect more losses in Q2 2022.MicroStrategy has $2.405 billion in low interest. Management is not concerned and believes they can service the interest with cash flows from their software business.Management is confident they can prevent Bitcoin downside risk by delivering 10% or higher revenue growth over the long term. However, their current revenue track record does not support this.Bitcoin is less volatile than MicroStrategy and does not have the execution risks associated with managing a publicly traded company, making Bitcoin a safer bet in today’s risk-off market environment.