Totally agree with this perspective: 1️⃣ MSTR is a leveraged play on BTC, not a substitute for BTC. Buying bitcoin:native means you're buying the asset itself. Buying MSTR means you're buying Saylor's machine that continuously channels BTC through the capital markets. 2️⃣ In a bull market, it might outperform BTC due to BTC's rise + mNAV expansion + the flywheel effect of financing to buy more BTC. 3️⃣ In a bear market, it might drop harder than BTC due to BTC's decline + mNAV contraction + reduced financing capacity + pressure from its capital structure. Understand this fundamental difference before deciding whether to buy Bitcoin or MSTR. Don’t buy blindly—know what you’re investing in.