Yeah, let's keep going -- if it's good enough for mainstream media to cover, it's good enough for Den! (#1299799, #1297459, #1291762)
GLITCHING OUT
Here’s how Michael Saylor’s Bitcoin treasury company Strategy Inc. is supposed to work: The firm raises funds to buy Bitcoin; that buying drives up the price of Bitcoin; the share price of Strategy follows suit. Rinse and repeat. The trade, helped along by the utter self-belief of Saylor as a hype capitalist on par with OpenAI Inc.’s Sam Altman, has been so lucrative it has spawned dozens of imitators hoping to capture the same “infinite money glitch,” like a cheat code on a video game.
Minus the "...drives up the price of Bitcoin" nonsense (duuh, way too small), I'm with yah.
Bitcoin’s price has fallen below $90,000, making it harder for Strategy to keep the number-go-up boosterism alive as the cryptocurrency nears the $74,000 average price it paid for its 650,000-coin stash
Very Warren Buffett-like, it's not the return that gives Saylor exceess performance, it's the funding and the size.
"Short-seller Jim Chanos and others betting against Saylor have been the winners this year."
the test for Saylor is whether he can draw a line under the latest sell off by changing course. After years of his “we’ll never sell Bitcoin” bombast, Strategy has let slip the idea that yes, it might sell if necessary to meet yearly dividend and interest payments of about $689 million. The problem is the message it’s sending to the Bitcoin faithful sounds more like a hunkering down for crypto winter than the revving up of a fundraising machine.
This is a painful observation, even for gleefully schadenfreude peeps like me:
The Trump administration’s endorsement of crypto has enriched insiders but done little to spread adoption. Meanwhile, Bitcoin has underperformed the gold it was supposed to replace.
"when the masters of hype capitalism come undone, in Bitcoin and beyond, pay very close attention."
archive: https://archive.is/jPADy