No it’s not a “Pyramid” scheme, but it will end badly regardless. It’s quite pathetic how many bitcoiners who preach holding pen keys or u don’t idk it randomly make exception for MicroStrategy and praise it. MicroStrategy Will likely be the next best cycle event just as Mt Gox was 11 years ago , Bitfinex was 7 or so years ago & FTX was 3 years ago. Doesn’t mean it will be criminal like them but when borrowing and interest costs change it will fail and model will break and caste chaos and big headlines temporarily. It’s ridiculous that the very people preaching self custody seem to mostly praise MicroStrategy.
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I've been saying this even before his started the preferred stocks. Now his plan is looking even more unstable. I think a lot of people were blinded by his enthusiasm — finally a big name who is by all appearances is as pro-BTC as we are ! — and started to see MSTR as a safer alternative, a way to protect themselves from the dramatic drops. Then with the preferred stocks, the idea that we can earn a monthly or quarterly income while still supporting BTC is appealing, but unlike all the other ETFs, this one has Saylor's name. In other words, I think he has bamboozled a lot of people. Maybe even himself. But he has set up a house of cards that will be harder and harder to prevent collapsing.
First off good job reading through all my typos and still understanding my point! 😂
I agree 100%! I do think he is a legit true believer but I may be wrong, either way doesn’t change how this ends. MS will be the next bear market excuse for a deep correction as was Gox & FTX in prior cycles. Many keep saying due to trillions cap we will likely go down less % wise this time but I think it will likely be about what it was last time or only slightly less. If 126K ends up being cycle top I see 40K handle for almost certain in bear cycle but we shall see. Personally after holding Bitcoin for each prior cycle, I’ve seen this so many times I no longer get freaked on huge dips, I see the growth slowing as we get bigger but I still believe Bitcoin will continue higher long term.
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