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I personally believe he does what he thinks the law and government will allow him to do.
He can’t sell Bitcoin (for share price reasons) and he can’t advocate for spending it because of the suggestion that it would compete with the dollar.
He says over and over that Bitcoin ‘doesn’t compete with the dollar’ but I don’t think he totally believes that.
At the end of the day he thinks Bitcoin is hugely undervalued… so he thinks his financial strategy is just keep buying it not necessarily to spend it.
Who said he cannot sell it? You mean his personal bitcoin stash or the company's?
Who said he cannot advocate for spending it? He is in the US, not in China. It is not against the law to advocate bitcoin spending.
If you mean he cannot advocate it because his company business model prevents it, then yes, we are saying the same thing. But I don't see what the law has to do with it.
I am sure he has the resources to sell part of his personal stash anonymously. But yes, if he does then I would be very happy to buy with the resulting discount
He has to, since his entire business model is built around what is a leverage bitcoin ETF. You get commodity price exposure typically by buying commodity contracts/ETF and doing cash settlement, you don't take physical delivery. Same for his business model.
The equivalent of commodity physical delivery in bitcoin context is on chain withdrawal to my wallet. But that line of thinking will put him out of the picture