am i crazy? or is this right? 

if someone doesn't believe in bitcoin but they want some exposure, they could this:

1. buy $33,000 of 100 MSTR today
2. sell $12,000 760 call option for Jan 2027

when January 2027 comes they get a payout of $76,000 if bitcoiners are right. for investing only $21,000 in today's dollars!!

THey in turn are selling selling millionaire maker tickets to the people buying them who believe in much higher price target for MSTR.

let's say crazy town happens and MSTR is $10,000  in 2027. for the price of $12,000 today, someone will get ($10,000-700) *100 = $930,000 in 2027.