If the flow of investors to buy new shares of any publicly traded company dries up that company is in trouble. 

If bitcoin keeps doing what it’s does (and it most likely will) it’s reasonable to expect that a company diligently executing a long corporate treasury strategy will also succeed and be handsomely rewarded. 

That said. If you own no corn and mostly or all MSTR, congratulations, you’ve chosen your stocks wisely, but you also own a publicly traded equity in layers of counterparty custodianship. 

You own no UTXOs, you can’t send it to family in another country, you can’t fight censorship with it, you can’t spin up a lightning channel with it or use it in a fedimint, or inscribe dick picks on it (would refrain from that one, but you do you) and you sure as shit cannot zap hilarious memes with it. 

 Absolutely agree.  Though there is a limit to how long bitcoin can keep doing what it's doing.  Some people think that limit is when it demonetizes gold.  Some people - like Saylor - believe it will demonetize most other savings vehicles as well.  For all anyone really knows, it will be sooner rather than later.  I happen to believe it will be later rather than sooner.  My point, though, is whenever that limit does get realized, there will be an awful lot of people who bought expensive MSTR too late to ever get rewarded for it; and would have been much better off just buying BTC at market place. (in addition to your point about them not owning UTXOs). 

 For sure, yes. Also, if bitcoin follows its historic cycles and dumps in 2026/2027 and you bought near or at the leveraged top of MSTR, it’s a more painful ride down, and you could have waited and potentially bought at a big discount versus a premium.