$BTC Michael Saylor explained why MicroStrategy is stronger than BTC mining companies and pure BTC ETFs.

1. BTC mining companies are affected by the halving cycle and the increase in mining hash difficulty, and their productivity decreases by 20-30% each year.

2. A single BTC ETF simply tracks BTC.

3. MicroStrategy is equivalent to making a tiered fund, dividing BTC investment into products with low risk preferences and products with high risk preferences. People who want to invest in BTC with low risk can buy MicroStrategy's bonds, which have stable returns and small fluctuations. People who want high risk preferences can buy MicroStrategy's stocks, because stocks are equivalent to leverage, and the increase will be several times that of BTC.