MicroStrategy is not a Ponzi scheme; it's a chain letter, a multi-level marketing scheme. It's legal and honest. But it operates on the assumption that there will always be more money available to buy more bitcoin. But there won't. Eventually, everyone who wants to own bitcoin will own bitcoin.

New York real estate appreciates because you can raise the rent. There is no rent on bitcoin. The actual users - people who use it to make payments - pay a percentage of the value they are transferring. They don't care how many BTC it takes to make the transfer. So the price of the token is driven entirely by people wanting it to appreciate.

When the demand for MSTR's bonds and shares dries up, the premium will evaporate, and the stock will plunge, taking bitcoin with it.

There is no there there.