Bitcoin is pristine collateral. Aside from physical gold, nothing comes even close. He knows the wider game being played & he's playing his part.
If you think his own Bitcoin is sitting on Coinbase or Bitgo, you underestimate him.
Don't bet against him. But I wouldn't rely on MSTR to get you through what's coming.
Any bitcoin held with any custodian that has taken on leverage introduces counterparty risk. This legal theft has already been upheld by the courts, and forced liquidations have already happened. Bitcoin is only collateral. When held with a custodian taking on leverage, the underlying already belongs to the creditor. The creditor superceeds the claims of the investor. There is nothing pristine about it.
