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Saylor’s hyperanimated optimism regarding BTC’s growth potential seems to ignore that he’s largely responsible for the gains that BTC has enjoyed this year. As one confirmed ‘gold bug’ put it, Saylor is the ‘Egg Man’ who doesn’t realize he’s practically BTC’s whole market.

In March 2000, the U.S. Securities and Exchange Commission (SEC) brought charges against Saylor and two other MicroStrategy executives for the company's inaccurate reporting of financial results for the preceding two years.[25] In December 2000, Saylor settled with the SEC without admitting wrongdoing by paying $350,000 in penalties and a personal disgorgement of $8.3 million.[26][27][28] As a result of the restatement of results, the company's stock declined in value and Saylor's net worth fell by $6 billion.

MSTR borrows money and issues shares to buy more #Bitcoin. As a result, the price of Bitcoin goes up, which causes the price of $MSTR to increase, allowing it to borrow more money and sell more shares to buy even more Bitcoin. Wash, rinse, repeat—what could possibly go wrong?

Unfortunately, MSTR is a PONZI on top of a PONZI.

MSTR current Market Cap = $66.4 billion

However, its total holdings as of Q3 2024 of 252,200 $BTC equates to only $22.7 billion based on $90K Bitcoin Price.

When the Bitcoin-Tether Ponzi POPS...

So will MSTR on leverage.

Michael Saylor is the Egg Man. His latest announcement is that $MSTR will spend another $42 billion to buy #Bitcoin, funded by issuing $21 billion in debt and $21 billion in equity over the next three years. This reminds me of a joke I heard a long time ago.

A client calls his broker inquiring about egg futures and is quoted a price of 25 cents per contract. Having a hunch about the egg market, he buys 100 contracts. A week later, he calls his broker to get a quote. Pleased to learn that the price per contract has risen to 35 cents, he decides to buy another 1,000 contracts. A few days later, eager to check on the progress of his investment, he is amazed to learn that the price has now risen to 50 cents per contract, twice the price he paid for his original 100 contracts. Sensing a trend, he steps it up, this time buying 100,000 contracts. The next day, ecstatic to learn that the price per contract has now risen to 65 cents, he gets even more aggressive, buying 1,000,000 contracts. Sure enough, the following day, the price per contract rises to 95 cents, prompting him to order an additional million contracts. The day after that, as rising prices further validate his intuition, he buys yet another million contracts, this time paying $1.25.

The next day, with egg contracts trading at $1.75, he senses that the market has risen too far too fast, and places an order to sell 2,000,000 contracts. After a pregnant pause, his broker replies, "Sell to whom, you're the egg man!"

With the price of bitcoin pumping, many investors were hopeful that it would prove the return of retail investment. However, the influence of a single corporation on the relatively thin number of spot bitcoins listed for sale is casting doubt on this idea.

It's been less than three weeks since @Saylor announced a three-year plan for $MSTR to spent $42 billion buying #Bitcoin. So far, $6.63 billion has already been spent. At this rate the entire plan will be completed in under four months. Then Saylor is gonna need a bigger plan.

Now @saylor insists that #Bitcoin is digital energy. It's no more digital energy than it is digital #gold. If you own Bitcoin, how exactly do you use it to generate power? He said that taking away crude oil would cause mass starvation. Well, what would taking away Bitcoin cause?

The higher the price of $MSTR stock, the more shares @Saylor can sell. The more shares he sells, the more #Bitcoin he can buy. The more Bitcoin he buys, the higher the Bitcoin price rises. When the price of Bitcoin goes up, the share price of MSTR goes up more. When does it end?

In March 2000, the U.S. Securities and Exchange Commission (SEC) brought charges against Saylor and two other MicroStrategy executives for the company's inaccurate reporting of financial results for the preceding two years.[25] In December 2000, Saylor settled with the SEC without admitting wrongdoing by paying $350,000 in penalties and a personal disgorgement of $8.3 million.[26][27][28] As a result of the restatement of results, the company's stock declined in value and Saylor's net worth fell by $6 billion.

Do you think Michael Saylor still does this?

(2003ish article from here in Chicago I found)