They think the premium will either stay at 2X or even be allowed to creep up.

Meanwhile sats per share increases.

It's a fiat game, it will only ever yield more flat. I don't know how these "Bitcoiners" think they'll get it back into Bitcoin.

For normies & Trad Fi, it's a way to get Bitcoin exposure in whatever flavour they'd like. I can see why these guys would pay a premium. It's nothing compared to the (earnings) premium they're paying for equities.

Until Saylor's flywheel breaks, everyone wins except those that earn & save in USD.