It's the concept and valuation (of MSTR) that is wrong.
When you buy into MSTR, you are buying into a company that has no substance other than their holding of Bitcoin. And as their new purchase price of Bitcoin is out of the money (prices of Bitcoin has fallen below their last purchase prices), it reveals the fragility of the concept.
For MSTR to justify the high valuation of current prices, even after recent few days of correction, Bitcoin has to keep rising. And by A LOT!
It is not enough to see 1-2% increase in Bitcoin prices. They have to keep going up by at least 5% and consistently.
Very very dangerous to be hoping for this. If you are punting and hoping for a FOMO reaction from the buying public, sure it is possible to play with this strategy. But you must be aware that someone is going to be the last guy holding the bomb.
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