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MicroStrategy never ceases to surprise. While most companies adjust their cash reserves through cautious investments, the firm led by Michael Saylor continues to chart a radically different path. True to its “Bitcoin first” strategy, MicroStrategy has just announced a $2 billion fundraising round, largely intended for purchasing new BTC. This is not a mere financial operation: it is a manifesto. Behind this decision lies an ideological clash between two visions of the monetary world. And once again, MicroStrategy chooses its side unambiguously.

This fourth issuance of preferred shares confirms what many had suspected: MicroStrategy doesn’t just plan to accumulate bitcoins; it intends to become the unofficial central bank of crypto.

Someone floated me the idea that Saylor aspires to turn Strategy into a bank. I can't make sense of how that would work exactly.

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