I agree it's a risky play but you can't really compare property and bitcoin for the collateral?
Discussion
Same concept, you buy property with a mortgage, value increases, re-mortgage to release equity to use to buy another property.
Repeat
Only difference, property typically doubles in value every 20 years, Bitcoin typically increases 20 fold every 4 years.
Current wealth of the planet $454T
If Bitcoin 20X’s twice more, then market cap of Bitcoin will equal total planet wealth.
Therefore $MSTR only has one full halving left till $BTC starts to flatten.
Personally I think that Bitcoin is a wildly different collateral asset than property... But I like your global wealth analysis!
Apart from rate of increase, property is considered a secured asset, Bitcoin unsecured.
The interesting thing about MSTR is that Saylor is getting unsecured loans.
The guy is definitely a genius when it comes to finance and completely out of my league, but then so were the bankers in 2008.