MSTR is the vehicle through which Bitcoin could be exited to the sleepwalking capital of institutional laggards with a half-understanding of what Bitcoin actually is. Saylor is a soon-to-be two-time fall guy, a professional useful idiot. The current valuation is based mostly on a cult con game that unlocked access to these passive flows. A decade long innovation freeze has killed any chance of Bitcoin ever acquiring the fee revenue it needs to stay afloat further along the emission curve. All it has is social pressure, a snowball of adoption that nearly rolled all the way into the welfare of government reserve purchases. Now that it has lost its momentum it needs to find some grounding in reality, but taking its number one spot for granted for so long has left it without a plan B.