What's the end state?
Like if bitcoin skyrockets and eventually dollars won't be able to buy it.
Can MSTR perpetually raise money and buy?
If they ever can't, what happens? Cash out your shares into bitcoin?
Discussion
$MSTR may become a money during the transition and perhaps for a while afterwards. People will trade any equity they have for one of the MSTR stock products.
If I have apple and we've moved to CBDCs, maybe I trade a boatload of apple stock for some type of MSTR product. Strategy becomes a shadow bank that trades in securities rather than cash.