Saylor’s Secret? Bitcoin Betrayal?! 😱

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Ah, the 31st of March, 2025. A date, perhaps, etched in digital stone for Bitcoin aficionados. It was then that Strategy, a moniker so bland it practically begs for irony (formerly, bless its heart, known as MicroStrategy), acquired a king’s ransom—nay, a czar’s—in bitcoins. Two billion, to be precise. Now, the firm clutches a hoard of 528,185 BTC, a figure representing, if my calculations are not befuddled by too much absinthe, over 2.5% of Bitcoin’s total, finite, utterly delectable supply. Our man, Michael Saylor, the chap with the perpetually bullish grin, is hailed as Bitcoin’s high priest. But whisper it, darling, some see him as a gilded menace, a potential serpent in the digital Eden. 🐍

Michael Saylor, a figure as polarizing as a penguin in the Sahara 🐧

The 2020s saw Saylor bloom, or perhaps metastasize, into a Bitcoin evangelist of operatic proportions. His company—one of the ten wealthiest dragons hoarding Bitcoin—spends ducats like a drunken sailor (no offense to inebriated mariners) on the blessed BTC. Aside from fattening Strategy’s coffers and pumping its stock, Saylor struts on X, pontificating on Bitcoin’s imperative for America, foreign lands, institutions, and, naturally, you and me. He even cozies up to U.S. officials, eager to bed down with the Trump administration (or whatever incarnation it may take) on cryptocurrency regulation. One shudders at the possibilities. 😨

Saylor, in his infinite, perhaps slightly delusional, wisdom, sees himself as Bitcoin’s concierge, ushering financial behemoths and large-scale investors into its shimmering halls via the MSTR stock backdoor. He proclaims Bitcoin “capital,” not “money,” like a particularly insistent real estate agent pushing beachfront property. He compares it to Manhattan real estate, gold, and other shiny trinkets, but with the advantage of portability. Imagine, lugging a skyscraper in your handbag! 👜 He urges the U.S. government to do the same. Oh, the sheer, unadulterated audacity! 😄

The Bitcoin race is on, fueled by Saylor’s fervor. Architect Partners claim that around 25% of public companies will be diving headfirst into the Bitcoin pool by 2030. Several governments have already been tempted. The plot, as they say, thickens. 😈

Saylor’s Bitcoin approach is as unorthodox as a polka at a funeral. It deviates from Bitcoin’s supposedly egalitarian spirit, favoring the fortification of U.S. banks in the global game. Frank Corva’s article, “Michael Saylor doesn’t understand Bitcoin,” (a rather bold title, wouldn’t you agree?) highlights the conflict between Bitcoin’s anti-establishment origins and Saylor’s mission to cozy up to financial institutions. A paradox worthy of Borges, perhaps? 🤔

what if Bitcoin crashes before Saylor unloads his bags? Saylor says he’ll never sell, even joking about burning his private keys upon his death. A flamboyant gesture, if I may say so. 🔥

Despite his cult status in certain crypto circles, trust is not universal. MicroStrategy’s past, shall we say, haunts him like a particularly persistent ghost. 👻

Saylor’s and Strategy’s legal entanglements

MicroStrategy went public in 1998. Its stock price soared in 2000, from $7 to $333, before crashing. A dot-com bubble burst and the company had to restate its financials, admitting it had overstated revenues for 1998 and 1999, by $66 million. MSTR plummeted further after announcing a restatement for 1997, dropping to $33 by April 2000. The company was sued and lost $10 million, with top executives paying personal fines. Despite this, MicroStrategy survived. A phoenix, perhaps? Or just a particularly resilient cockroach? 🪳

In 2022, Saylor was sued for alleged tax evasion. The case was settled in 2024 for a $40 million tax recovery. Saylor had allegedly been trying to create the illusion that he resided in Florida or Virginia–states with lower taxes. Saylor insisted that he was living in Florida. The trust of the crypto community in Saylor was undermined. Oh, the perfidy! 😮‍💨

Is Strategy’s Bitcoin horde a Damocles’ sword?

Distrust runs so deep that many question if Strategy even makes its vaunted Bitcoin purchases. Some point to price drops after Strategy’s acquisitions as proof of smoke and mirrors. Others wonder who sells Strategy such massive amounts of Bitcoin. They demand to see Strategy’s Bitcoin addresses. Show us the coin! 🪙

What are the adresses ? I start to dont believe that He bought, He should Show everyone openly that He really holds These BTC.

— Klaus ANders (@KlausANders6) March 31, 2025

Arkham Intelligence identified 96% of Strategy’s Bitcoin addresses, confirming Coinbase Prime and Fidelity are custodians. But the concerns linger: the Bitcoin horde hangs like a Damocles’ sword. ⚔️

Let’s talk about the big fear: a rug pull. Should Strategy ever dump its BTC, the market could be severely wounded. A digital bloodbath, perhaps? 🩸

The option of a sell-off doesn’t seem reasonable, although Saylor predicted Bitcoin will cost $13 million in 2045. However, a forced liquidation raises concerns. 😨

The company is expanding its debt to buy more Bitcoin by issuing convertible notes that investors buy. However, as the market matures and the BTC price gets bigger, buying more Bitcoin becomes costlier while liquidity slows down as more whales, prefer to hodl. It may draw a hurdle for the future Bitcoin acquisition-centered strategy.

As of press time, Strategy holds $44 billion in BTC against $8.2 billion in debt. The first quarter of 2025 was crypto’s worst performance in seven years, and MSTR stock has been volatile. However, Goldman Sachs analysts predict that it will take at least a 50% BTC price drop by 2027 to make MSTR investors turn away from Strategy, leading to a possible sell-off. A ticking time bomb, wouldn’t you say? 💣

Saylor dismisses the probability of forced liquidation, saying that if Bitcoin goes to $1, Strategy will buy all the bitcoins. As he holds over 46% of voting power, he will probably be able to confront a liquidation. Anyway, we will see if the threat is real by 2027 when the first batch of convertible notes will mature. Only time, that cruel mistress, will tell. ⏳

Some Bitcoin enthusiasts remain optimistic. Even if Saylor did dump, they say they’d buy discounted BTC and move on. No single company, or person, can destroy Bitcoin. Such admirable resilience! Or perhaps, just blissful ignorance? 🤔

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2025-04-01 23:36