Saylor uses "other people's money" to buy BTC, how long can the MSTR myth last?

MSTR is no longer the MSTR of the past—Saylor relies on convertible bonds + dilutive share issuance to aggressively increase Bitcoin holdings, which have surged 4x in 12 months, with holdings exceeding $60 billion. It looks like a genius operation, but the problems are also increasing:

🔹 Shareholders question whether they really hold 100% of BTC and call for public proof of reserves;

🔹 The premium still exists, but the mNAV valuation method ignores debt, and the actual risk is underestimated;

🔹 Debt has reached $8.2 billion, with annual interest expenses exceeding $34 million;

🔹 Competitors are constantly emerging, how far can Saylor's method of "cutting his own shareholders" go?

Despite the ongoing doubts, Saylor remains defiant: "Better than fiat currency, I’d sell my teeth to buy BTC." Unfortunately, how much longer can this emotional appeal be bought by the market?

Over the past five years, MSTR has risen 2900%, while BTC has only increased by 1100%. The question is, can this continue in the future?

Once the hype recedes, will MSTR become a "magnifier of the Bitcoin faith bubble"?