MSTR is the ultimate barometer for speculative mania
During ZIRP (zero interest rate policy), particularly during covid, we saw the everything bubble inflate. Money was so easy and free that just about anything was being financed despite how speculative and stupid. NFT's, crypto, gamestop. In other words, everyone had too much money than they knew what to do with it.
The narrative has been that that has come to an end since rates were raised. Of course, it has made the problem less extreme, but it's still there.
MSTR is the ultimate barometer that tells us the easy money is still present in the system. The fact that investors actually allow Saylor to get away with such a stupid and obvious ponzi scheme is proof of this. In a same market, with sane monetary supply and properly allocation of resources, a company like MSTR could never exist.
When MSTR finally ceases to exist and goes bottoms up, that's a good sign that we are finally back to a healthy and sane economy.