Could be an intelligence agency asset running an eventual bitcoin psyop. Either soaking up spot demand to stifle price and/or with the eventual goal of dumping their stack to crash price and cause a panic. FTX was probably something like this.
Could be a vector for government to stack bitcoin via eventual federal confiscation.
I don’t think those are probable realities but certainly possible.
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I've also considered this possibility
Yeah, I would never rule those things out, in fact I wrote a piece about the 6102 scenario, though in that case I think you’d still get compensated in fiat at market value for the stock.
But it would be a pretty long con now five years into the “strategy” and Saylor would have to be a great actor for it to be a total scam, e.g., if they really didn’t have the coins.