I think you're underestimating the usefulness of Bitcoin to states and companies who's balance sheets are debt heavy.

Bitcoin is a weird kind of vleben good in that it appeals to large organisations & nation states.

It's value ($2T) is only now starting to show itself. I know it's popular to hate on Bitcoin treasury companies but what Strategy is doing with it's preferred stocks is mind blowing.

STRC is like a $100 bond that pays 8-9% pa (monthly) & is backed by 600K Bitcoin. Saylor is going to tap into treasury markets & funnel that value into Strategy's Bitcoin treasury.

I understand that the custody risk for that treasury is huge & I'd prefer sats in cold storage. It's hard to comprehend the impact this will have on the fixed income market & the price of Bitcoin though. So many are ignoring this because MSTR is distasteful to them. I don't expect this to start gaining momentum until October but it adds a dynamic that I don't think many are considering.