Saylor promoted his strategy as a glitch in the system, where he could issue debt-equity indefinitely and with that money buy Bitcoin. Over time and with the appreciation of BTC, he could pay off that debt.

All of this, put simply, has always left a smell of Ponzi. Yes, I know, he has come out to give explanations, but they are always convoluted about how his system works.

That said, if the system is so perfect, why doesn't it keep buying BTC? Doesn't it trust BTC? What is it accumulating dollars for?

Accumulate dollars to ensure that you will pay your debt and give peace of mind to investors(you don't want them to panic and flee en masse). And if they think about it, peace of mind about what? Peace of mind in case of a bearish BTC scenario. This is where I don't understand: if you had so much confidence, you would be buying BTC, not accumulating dollars.

Saylor is clearly sending a negative signal to the rest of the participants with this accumulation of dollars.