MSTR obviously has all the counterparty risk of publicly traded stocks, but ridiculous to call it a Ponzi as I’m seeing of late.

A ponzi requires new money to pay off existing holders, and it seems similar because he’s taking the new proceeds in part to pay his dividends. But he COULD easily, trivially pay all his dividends if he sold a tiny portion of his assets. He would just VASTLY prefer not to deplete his balance sheet and incur capital gains, so he will always use new funds if he has a choice.

I don’t know how it ends, there are all kinds of unknowns from custody questions, to regulatory to 6102 scenarios, but per Warren Buffett, in the short term the market is a voting machine, and in the long term it’s a weighing machine. And he’s stockpiling the heaviest asset in human history in unparalleled amounts.