The premise is valid.
In short: if all other assets are overvalued, let's invest in something else. (a notion useful for any trader)
Strategy®'s defect is not their interest nor the reasons they have to own and purchase $BTC . It is the debt driven culture.
Choosing BTC over GOLD or realstate, was much better in retrospect but risky. 2022-2023 slump could have liquilated their position had #bitcoin dropped further.
If they were using its own cashflow (net income/ earnings) and limited their debt to reasonable levels, their strategy would reflect the logic of their argument.