I figured out the real risk with Saylor’s plan to issue stock/debt to buy BTC and pump the value of his stock/debt: it exposes and therefore blows up the entire system.

Everyone is trying to find the glitch because you can’t just get money for free, but the glitch is in the system itself, and he’s not just exploiting it in a roundabout way like Buffett, but using it to power his strategy directly.

Because once it becomes obvious to everyone what he’s doing, you will have no choice if you want stocks and debt to buy his. You cannot buy T-Bills, you cannot buy AAPL.

AAPL just makes products and profits which generate cash flow which fill the balance sheet with depreciating dollars. All those steps just to get something that’s melting away. By the time they buy BTC it’s too late. They’ll never catch Saylor.

The problem for MSTR is when everyone catches on there will be a stampede, and then all hell might break loose. The normal laws of physics no longer apply around a singularity.