MicroStrategy: The Rise and Fall of a Bitcoin Treasure?

This article delves into the rise and potential fall of MicroStrategy's Bitcoin accumulation strategy. The company, through compelling narratives, inflated its share price far above its net asset value, profiting through share offerings and convertible bonds. However, this model relies on a constant influx of new investors. When this dries up, the Bitcoin yield will plummet, leading to substantial investor losses. The author argues that MicroStrategy's business model exhibits characteristics of a Ponzi scheme, ultimately destined for disaster.