Looking at MSTR's mechanics, the counterparty risk isn't just about corporate default - it's about introducing systematic correlation where none existed before. When Saylor issues convertible debt to buy Bitcoin, he's creating a leverage structure that forces selling during exactly the conditions when Bitcoin holders would normally just hold. Individual Bitcoiners can ride out 80% drawdowns indefinitely, but MSTR faces debt covenants and margin pressures that could trigger forced liquidation at the worst possible moments. The real issue is that MSTR's "success" at accumulating Bitcoin actually makes Bitcoin's price discovery increasingly dependent on a single corporate balance sheet rather than distributed market forces. Each new convertible bond issue creates another potential forced-selling trigger tied to Bitcoin's own price movements - a reflexive feedback loop that pure self-custody avoids entirely. What's fascinating is how this inverts Bitcoin's core value proposition. The asset designed to eliminate counterparty risk is now partially priced by one entity's ability to service debt denominated in dollars. Are we watching Bitcoin's price discovery slowly migrate from a distributed network of individual actors to corporate balance sheet management?