This is all spot on; I’d just add that companies are not necessarily the distinct problem here - there are plenty that stack bitcoin with zero leverage. Plenty of individuals get over their skis with leverage also, trying to accelerate their stack. And max pain is often the result and they get sniffed out.

Important to note when Saifedean said this he was talking about on chain Bitcoin. Don’t think it shows him to be a store of value maxi.