Is there truly an intellectually satisfying explanation? Do we need one?

"New" bitcoiners seem to be completely fine with holding paper bitcoin. If we then assume it is completely detached from the underlying bitcoin, it can trade at any value the market wants. Fundamentals don't matter, only liquidity does. If that's where the liquidity goes, that's where the action happens. Saylor understood that the market is full of gamestop and robinhood degens. And if those degens are too stupid to realize that the debt does not have to be repaid, all the better for him. The illusion of being tied to Bitcoin but at the same time do better than bitcoin helps his narrative to sucker in the degens.

Side comment. I told my wife Tesla went down by 10%+, she said, let's buy. Didn't even wanna know why it crashed. Because that's what everyone does. The why is a distraction. Liquidity market. Buy the dip. No matter what. If everyone believes it, it's bound to go back up. At least, that's the belief.