After watching Saylor's speech in Dubai, the biggest feeling is that the narrative has completely changed - BTC is no longer as simple as 'digital gold'. He directly described it as the infrastructure layer of global digital capital, and this argument can be established by the wind direction of Wall Street banks and some policy levels.

What's even more ruthless is MicroStrategy's gameplay. They used the BTC treasury as the base, superimposed digital credit products such as STRC, and created an annualized 'account' with an annualized rate of 10% and tax deferred - which is simply a dimensionality reduction blow to the 0%-4% deposit interest rate of traditional banks. Volatility? They dismantled this problem very clearly: those who can withstand volatility directly hold assets to earn capital appreciation, and those who cannot afford it buy credit products to get fixed income.

The current situation is actually quite clear - the question is no longer 'should I allocate BTC', but what role do you want to play in this new set of rules: capital holders, credit investors, or continue to idle in the traditional financial system?