The comparison is indeed wrong. The problem isn't that Saylor is doing a good thing which is labeled as a bad thing, the problem is that we're facing a hoarding problem (and it's not just Saylor, and not just treasury companies either) that will put extrinsic things such as exchange rates at risk. As long as there are liabilities in fiat for a supermajority of miners this comes back into Bitcoin intrinsics through cost-of-PoW.
To me, the comparison is mostly made like this to not have to discuss extremely complex systemic risks to Bitcoin.
The comparison is indeed wrong. The problem isn't that Saylor is doing a good thing which is labeled as a bad thing, the problem is that we're facing a hoarding problem (and it's not just Saylor, and not just treasury companies either) that will put extrinsic things such as exchange rates at risk. As long as there are liabilities in fiat for a supermajority of miners this comes back into Bitcoin intrinsics through cost-of-PoW.
To me, the comparison is mostly made like this to not have to discuss extremely complex systemic risks to Bitcoin.