MicroStrategy: The Ponzi scheme.

Actually, it's not wrong to say that MSTR is the Ponzi.

Moreover, it is a leveraged Ponzi built on top of another Ponzi, very strong.

And its risk of collapse is not as strong as Luna's; we can see that during the last BTC 80% pullback, MSTR also survived.

Its convertible bonds are 5-year maturities, which perfectly covers each bull and bear cycle, after all, historically, there has been a cycle every three to four years.

Moreover, whether this convertible bond is converted into cash or stocks is decided by MicroStrategy itself and is not a forced liquidation of BTC.