A very good article, thank you. You had some good insights and it was a good read.

You do make the point that Strategy is bulletproof, but in some ways it fells a bit too focused on "treasury companies" -- a bit like normies conflate "crypto" and bitcoin.

Your failure modes:

"In the absence of that — say, nobody buys the treasury company issuances, and financial capital flows somewhere else; money printing stops; interest rates on (safer?) government securities shoot up, etc — I don’t see how Strategy’s mNAV doesn’t just collapse back down to 1."

.....>I assume you mean this as a temporary scenario, and not a permanent state? In what (fiat) universe would money printing stop, and government bond rates go up?

"If fund managers or treasury departments or family offices routinely stack bitcoin instead of various Strategy products (or securities of Strategy copy-cats, as the case may be in different parts of the world), the primary reason for bitcoin treasury companies go away."

.....>Yes, this will happen eventually. Is it going to happen in 5 or 10 years?? Likely not. It might happen in 20 years, or 50. The gold standard ended in 1913. People thought fiat would die in 1971 -- I think Strategy has many decades to run a Bitcoin/Fiat carry trade.