Replying to Avatar Aspherical

Excellent post Mike, and an astonishing interview. Michael Sailor allegedly studied bitcoin deeply. Now he advertises his msrt stock by claiming that investors „trust“ him and that he will continue his strategy „forever“. What happens if he has a change of mind or heart attack? Doesn‘t his leveraged bitcoin strategy and coin amassment (remember Smaug’s treasure) on the level of black rock etfs create another single point of failure for bitcoin success ? Riskying market turmoil and a considerable throwback of bitcoin valuation and adoption, thereby crushing the hopes of many that are now saving in bitcoin? Yes I am worried about excessive and reckless financialisation strategies failing. Wasn’t it supposed to be „don‘t trust, verify“ for bitcoin? Just my five cents. Your comments and thoughts welcome.
Avatar
mike 1y ago

Fair points, but to put it into context. Although we talk about Saylor, MicroStrategy is a public company with a board and shareholders. Michael is the founder and CEO.

While important, the company can survive without him, just as Apple survives and thrives without Steve Jobs.

Also, MicroStrategy only hold just over 1% of Bitcoin total supply, so very significant, but not make or break. Blackrock hold more at 369,000, while ETFs in total hold over 1M BTC.

You are right, however, it is his strategy that is of concern and the exponential effect it could have on the market due to synthetic Bitcoin and rehypothecation.

This along with the flurry of companies copying Microstrategy’s strategy, exponentially increasing the risk.

Reply to this note

Please Login to reply.

Discussion

Avatar
Aspherical 1y ago

Yes Mike, I agree. Of course I know about his company. But nothing about his board and how they support his strategy in the long term. Also, To my defense, In his interviews he portrays the control of his company a lot like a one man show. And you are right it is the size that plasma role formten systemic risc. He announced that he is continuing his strategy aggressively. His stack and its valuation are expected to increase substantially.

Avatar
mike 1y ago

💯