It seems like they custody it through Fidelity Custody, Coinbase Pro and others.

I would say in all honesty that I think it's not nearly as easy/trivial to confiscate Bitcoin as it is with current fiat, so the question of being ruggeable is pretty nuanced.

In my opinion I think it's pretty incredible and ingenious what MicroStrategy is doing. They're playing the game at its fullest form, transparently and ethically, in my view. And it is incredibly useful for everyone, especially in the mid and long term.

Because, and to go back to your point, the question is, what is the real value of Apple and/or Microsoft?

How much money of Microsoft is because of government contracts?
And isn't Apple in reality just smartphones for middle class and wealthy people in the Western world?

I would say Google and Nvidia are pretty valuable but I have no idea of how much because we don't really have a hard currency.

I think these things are much more nuanced than we think is what I'm trying to say.

But I completely understand and agree with your points, there all very valid concerns of course. Let's see what happens :)