I don't know why you would be sitting on the sidelines.
Surely there is no need to buy MSTR, the various MSTR related financial products, or the financial products (stock) of some other MSTR copycat treasury company..
For someone who has been stacking bitcoin with DCA for many years, it is certainly not necessary, although, as I mentioned, I have some MSTR shares as a leveraged play in addition to bitcoin. However, there are many other people, such as institutional investors and/or people who do not understand how Bitcoin, blockchain, etc. work, and who are looking for a return, preferably monthly, as well as capital protection. As mentioned, these could be investors in REITs or savings accounts or T-Bills, etc. That is the market that Saylor wants to acquire a good share of with this product.
How could they be saying the same thing when Free Market Capitalist seems to be saying that Saylor/MSTR is trying to provide some kind of a competitive product to REITs, and The Sceptical Chymist seems to be suggesting that REITs are the best thing since sliced bread, so how could MSTR provide any kind of a product that is even close to competing with REITs...
My own assessment is that The Sceptical Chymist continues with his overly skeptical doubting Thomas take, even though sooner or later in this here world he might have some ability to say "look, I was right," even though most of the time, he seems to be failing/refusing to be seeing how various aspects of the traditional debt market is being played by Saylor/MSTR in quite interesting, creative and even within the bounds of the various rules and restraints of such traditional debt based systems.
For me, it's clear: would you prefer a product backed by real estate, such as REITs, or one backed by bitcoin? I think the latter is better, and I believe that over time more and more people will realize this.
By the way, I had mentioned previously that I am not opposed to various kinds of accounts holding the bitcoin derivative products rather than bitcoin itself, including that I know that it can be difficult for institutions and/or governments to directly hold bitcoin, even though some of them might be able to figure out ways to hold bitcoin directly.
Another kind of account that exists are retirement accounts that tend to have to stick with offerings within the funds, and I currently have a 401k that does not provide me very much flexibility in regards to what I am able to buy, and I have had those funds for more than 25 years. I would probably play around with various bitcoin related products if they were available within my 401k plan.
You are also correct about owning BTC for a while and even guys who might have had gotten to a status of enough BTC or more than enough BTC. It is not like we are going to feel any compelling reason to get involved in various bitcoin derivative products whether MSTR or some other bitcoin treasury product of some other company or some other bitcoin derifative product that they might offer, even it if it posible that the "yield" might be greater than owning bitcoin directly, especially with the various options that MSTR is offering.. yet at the same time, I could give less than two shits .. at least right now.
I have given some thought to the idea of putting some portion of my bitcoin in some kind of a product that earns yield.. .. so then I would lose control of the bitcoin, yet hopefully hold the equivalent of that bitcoin and then earn yield in dollars.. but right now, I am not at that stage in my own bitcoin journey and/or the way that I am currently managing my bitcoin holdings.. I will admit that there could be some motivation to figure out ways to lessen tax implications, so at some point in the future, I might end up putting some portion of my bitcoin into some product that I might be able to use as a way of getting dollars and not having to pay capital gains on my bitcoin in terms of the alternative of regularly selling bitcoin and then being stuck with capital gains taxes on those sales, which i have been doing for quite a few years... maybe 10-ish? There might have been some years where I did not have any bitcoin sales, so no capital gainz, but I cannot recall off of the top of my head.