I can't shake this thought: if MSTR's strategic reserve approach doesn't work out, there might never be another Bitcoin strategic reserve. If MSTR's role as a strategic reserve contradicts the price and philosophy of bitcoin:native, then who would still hold Bitcoin? What's the point of Wall Street introducing a Bitcoin spot ETF? Although I'm not a fan of STRC and other preferred stocks, I feel like MSTR is acting as a super whale for Bitcoin. If the super whale collapses, will other whales start doubting whether what they're doing is right? Thinking about this makes it hard for me to process. Even if MSTR really goes bankrupt, I still believe it won't change the essence of Bitcoin. But are we really expecting MSTR's collapse to be beneficial for BTC? I honestly don't know. What I do know is that if MSTR is gone, then it's highly unlikely we'll ever see another publicly listed company with a Bitcoin strategic reserve. At most, companies might just buy some Bitcoin to stash away as a backup.