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.