Strongly agree with this viewpoint:

1️⃣MSTR is a leveraged expression of BTC, not a substitute for BTC.

Buying bitcoin:native is buying the asset itself. Buying $MSTR is buying Saylor's machine that continuously moves BTC in the capital market.

2️⃣In a bull market, it may rise more sharply than BTC due to BTC's increase + mNAV expansion + financing to buy coins.

3️⃣In a bear market, it may also fall harder than BTC due to BTC's decline + mNAV contraction + decreased financing ability + capital structure pressure.

Understand this fundamental before thinking about whether you are buying Bitcoin or MSTR, do not make random purchases, and know exactly what you are buying.

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