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,"
I think this is the same reason why he's in it for Bitcoin.
Strong potential low risk. Same applies to me.
Like you said one isn't obliged to buy the various stocks of MSTR and other copies.
Even staying on the sidelines and waiting to see how it goes wouldn't cost much as long as you own your Bitcoin.
For example, I live in a developing nation where Real Estate is starting to get attention( I'm talking about lands and the likes not their stocks)
After Bitcoin, they come second in my portfolio and some shares scattered around
I personally believe this covers enough for me for now so trying MSTR and the likes is a problem for future Batman.
as you may have noticed I suppose allocation 10% of portfolio for assets that now are used for alternative corporate treasuries. many companies are raising hundreds of millions to buy some ETH or SOL and who knows how far this may go. if there were treasuries based only on BTC certainly investing in altcoins wouldn't make sense. of course I don't propose investing in such shitcoins like SHIB, PEPE and many others similar but having some ETH or SOL won't hurt. besides it will be possible to swap them for BTC if they show some kind of abnormal growth. the ultimate goal is to build up more reserves in BTC and if altcoins would help, why not? )
The number of people that have survived this strategy are few.
I still can't comprehend how people consider investing in Bitcoin and altcoins as diversification.
Why make things complicated if it can be made easy.