I just listened to the book. The same thing occured to me too. But on second thought, do not commodities thrive in deflationary and recessoinary environments? Bitcoin is a commodoty. So maybe as securities assets undergo a liquidation cascade, maybe bitcoin will endure and strategy will not have to liquidate its btc. What do you think about that?

The incentives to actively want a blow up is low, considering how many big corpos and vested interests have exposure to Bitcoin now. But it's possible for market-driven blowups to happen.