Great episode. Seems clear Mr. Chanos does not agree that other btc treasury co. competition is beneficial, not burdensome, to MSTR - which seems like the flaw in his argument, that Pierre nailed
Bitcoin breaks this analogy with real underlying value. Also, I donβt think size of additional players or path matters, MSTR dominates total BTC supply for corporations so more buyers (via treasury co or other) driving up price is good for MSTR regardless.