MSTR is important for Bitcoin adoption, rooted in a fiat/debt approach. It doesn’t create real value though. Sats per share increases with liabilities. Proof of Reserves are never published. Saylor’s controlling vote is both a blessing and a curse as it preserves vision but allows anything to change anytime, especially since most of the issued products are preferred stocks. It might beat Bitcoin in nice moments, but surprise Volker-style interest rate regimes might kill it. You need real cashflow assets to pair with a Bitcoin cost of capital, not “fight fiat ponzi with equity ponzi.”