Oh I see, perhaps it's fuelled by these increasing doubts.
TBF if MSTR aren't actually buying any Bitcoin, then it is a ponzi scheme 😂
Discussion
i believe they did purchase all the btc they announced, but saylor doesn’t seem to get the risk of keeping it on exchanges. when asked, he usually frames it from an audit or regulation perspective to defend his position. what he misses is that an asset this scarce has to be isolated from third parties for security and true ownership.
Agreed about self custody.
I also believe they started off buying the BTC they said, but at some point decided the money they were borrowing and shares they were selling would give a better balance sheet if they didn't spend it all on BTC.
But I don't know. Yet it is the easiest thing in the world to prove self custody Bitcoin if you are a government or public company with citizens or shareholders who would expect to have that verified.
💯