Michael Saylor didn’t mine Bitcoin — he socially engineered a claim on future proof-of-work.

He used charisma, yachts, and boardroom charm to hijack a grassroots, savings-based movement and wrap it in corporate paper.

What was once about discipline and delayed gratification became about leverage, yield, and influence.

🧱 The Mechanics

•Miners earn block rewards through thermodynamic proof — burning energy, time, and capital.

•Saylor earned his stack through narrative proof — convincing markets to lend him cheap fiat so he could buy what miners earned.

•His “proof of work” is now the market’s belief that Bitcoin’s price will always rise fast enough to service his debt, bonds, and preferreds.

If Bitcoin stagnates or declines, that whole yield structure buckles — because MicroStrategy doesn’t generate enough fiat cash flow to pay those obligations organically. The “melted ice cube” morphed into an exotic derivative entirely dependent on Bitcoin’s compounding and investor faith.