I believe MSTR will definitely face a crisis, maybe not in this cycle, maybe not in the next or the one after that, but it will eventually face a crisis because this is the inevitable logic of all Ponzi schemes. The key question: "How can one pay an annual interest of 11.5% on a non-yielding asset like BTC?" The software business has no profit, BTC cannot be sold (the moment MSTR sells is the beginning of the collapse), the only thing that can be done is to pull in more new capital to pay the previous interest, and the moment it can no longer attract new capital is the beginning of the collapse. Now, with a $5 billion STRC, it needs to pay $575 million in "dividends" each year, and this number will only grow larger in the future. The biggest benefit of BTC in the past will definitely become the biggest drawback of BTC at some point in the future.