Bitcoin did go to $1,000,000 this cycle, it's just the value wasn't captured by "you". It was captured by "them". If you are a bitcoin OG with a bunch of coins, what you do is securitize your BTC stack by SPAC'ing it on the public markets. You then create a "irresponsibly long ____" group on twitter, and shill the ticker on a daily basis to your hundred thousand followers, or, if you don't want to lose your maxi-card, you hire some broke-ass influencer to do all the shilling for you. As the stock pumps, you slowly exit your common stock position at a 10x mNAV. Congratulations, you just sold bitcoin at a rate of $1,000,000 per coin! And the kicker about this grift is that you still own the preferred shares, so you basically never really departed with your BTC. You have the controlling votes in the company, the BTC is still your asset.

Also: At the size @Strategy operates, the coins must be purchased from OTC desks, which means their demand does affect the spot price But for these pennystocks, the BTC is being bought directly from bitcoin OGs, which means these "alt-MSTRs" have zero impact on the spot price

Also: For these pennystocks, the BTC they are being seeded with is often directly obtained from bitcoin OGs, not obtained from an OTC desk, which means these "alt-MSTRs" have zero impact on the spot price. You are just David Bailey/Adam Back/Swan/Ten31, etc.. exit liquidity.