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Saylor could've been the countercyclical force for BTC:
sell some into pumps, buy back the dips.
Sure, bull runs might end lower but bottoms also shallower.
Instead his structure amplifies volatility both ways.
The NAV premium only lets him buy when BTC pumps, and fixed dividends force him to sell the lows.
Volatility is great for SOME traders.
But BTC's pitch to institutions is that it calms down as it matures.
The biggest holder is making it worse.