In fairness, I think MSTR (non-custodial bitcoin) is mostly acting like a buffer to limit the bull market. Getting folks like Jesse Myers and Preston Pysh to geek out on the theory of MSTR (which is totally sound) and attract capital that would otherwise allocate directly into fully custodied bitcoin.

They’re buying time for the nation state adoption phase. FTX was the attack on Bitcoin and it failed. At worst, MSTR is the vehicle to slow price appreciation so that they can coordinate as orderly of a transition as possible. Coinbase is 100% in cahoots with the US government.