On March 31, 2025, strategy (previously known as micro strategy) bought $ 2 billion from bitcoins. The company now owns 528.185 BTC, which represents more than 2.5% of the total Bitcoin delivery. While Michael Saylor, the frontman of the strategy, is broadly celebrated as the largest Bitcoin bull, some people consider him a potential threat to the Bitcoin network.
Michael Saylor, a polarizing figure
In the 2020s, Saylor became one of the most prominent Bitcoin proposals. His company is one of the top 10 Bitcoin holders and relentlessly issues millions and billions of dollars to BTC. Apart from the growing of the company reserve of the company and promoting micro strategy shares, Saylor is active on X, and he shares his views on the importance of Bitcoin for America, other countries, institutions and individuals. He also consults US officials on Bitcoin and has expressed eagerness to work with the Trump administration on the regulation of cryptocurrency.
Saylor sees his mission when introducing Bitcoin to financial institutions and other large-scale investors and offering Bitcoin-Oprit via MSTR shares. Saylor explicitly emphasizes that Bitcoin is a capital, where it is compared to real estate in Manhattan, gold and other high -quality investments, but with the benefits of easy to store, to transport and handle it. At first glance, his strategy is simple: buy as much bitcoin as possible. He has encouraged the US government to do the same.
The Bitcoin race fed by Saylor’s actions and evangelization is here. According to architect partners, around 25% of public companies will add BTC to their balance sheets by 2030. Different governments already keep Bitcoin.
Saylor’s approach of Bitcoin is unorthodox. It deviates from the original ethos of inclusiveness and leans instead to strengthening the leadership of American banks in the global economy. In a sharply critical article entitled ‘Michael Saylor does not understand Bitcoin’, Frank Corva emphasizes the tension between Bitcoin’s anti-bancaire roots and Saylor’s mission to help financial institutions to take advantage of it.
Corva reminds us that Bitcoin was intended as an independent electronic money and an alternative to USD. Saylor calls Bitcoin a capital and not money, which calls for endless accumulation of Bitcoin by the US government, while promoting the adoption of USD-Pegges around the world to cement the hegemony of the dollar, which is the opposite of which Bitcoin has been created.
In that sense, the growing influence of the strategy and the bitcoin concentration play a ambiguous role. On the one hand, strategy promotes cryptocurrency and extends access to alternatives when banks and Fiat currencies can fail. On the other hand, it is demonstrably the power and value back to the settings that Bitcoin is designed to disturb.
Some critics say that Saylor’s visibility sets him up as a de facto ‘Bitcoin leader’, although Bitcoin is explicitly built to function without one – a fact underlined by the anonymity of Satoshi Nakamoto. They fear that Saylor’s personal views and influence can shed a shadow on Bitcoin’s decentralized philosophy.
Apart from Bitcoin philosophy, many people are just afraid that Michael Saylor will one day draw the carpet, which causes a critical Bitcoin price fall; Others do not like the fact that so much bitcoin is concentrated in the hands of a single company, if not a person.
Any wonder: what happens when Bitcoin crashes before Saylor sells? Saylor has publicly stated that he is not going to sell and even joked that he wants his private keys to burn after his death.
Despite his cult status in some corners of the crypto community, others do not fully trust him, referring to the checkered history of MicroSstratey.
The legal problems of Saylor and Strategy
MicroSstratey became public in 1998. The share price grew enormously in 2000 and went from $ 7 to $ 333 in one year. The price then lost 62% of its value in just one day. While the DOT-Com bubble burst, the company announced to recover its financial results because it overestimates its income for 1998 and 1999, so that $ 66 million was wrongly added. MSTR fell further after a recovery for 1997, fell to $ 33 in April 2000. The company was charged and lost $ 10 million to Disgorgement, with top managers who paid personal fines. Despite the crash, micro strategy survived and years later returned to fame.
In 2022, Saylor was sued by Attorney General Brian L. Schwalb for alleged tax evasion. The case was arranged in 2024 with a striking tax repair of $ 40 million. Allegedly, Saylor tried to give a false impression that he, while he is a DC resident, lives in Florida or Virginia – the States with lower income tax. According to Schwalb, Saylor scored his tax evasion. Saylor insisted that he lived in Florida. These matters undermined the trust of some people in the cryptomemene in Saylor.
Is the Bitcoin bag of a strategy a sword of Damocles?
The distrust of Michael Saylor extends as far as many people doubt that strategy does all this multi-million Bitcoin purchases. Some mention the BTC price drops that follow some of the massive Bitcoin acquisitions through strategy as a sign that the purchases do not actually take place. Others wonder who sells Bitcoin in such large quantities of strategy. People want to see the addresses of the strategy.
Arkham Intelligence identified 96% of the Bitcoin addresses of the strategy, which confirms that Coinbase prime and fidelity are more preservatives. So, doubts about whether BTC strategy has largely been brought. But there are still worries: the Bitcoin bag of the company now hangs over the market like a sword of a Damocles.
Let’s talk about the great fear: a rug. If the strategy has ever dumped its BTC, the wider market can be seriously influenced.
The option of a huge Bitcoin sale per strategy does not seem reasonable for the company. Although Saylor said that Bitcoin will cost $ 13 million in 2045, some people point out that gambling on Bitcoin’s growth is far from the only strategy for Saylor, because the structure of his company is much more advanced. Bitcoin is the core of, so it is little sense to sell it. Forced liquidation, however, is some actual concerns.
The company is expanding its fault to buy more Bitcoin by giving convertible comments that other investors eagerly buy. It helps to absorb even more capital for strategy by increasing its debt. As the market grows up and the BTC price increases, buying more Bitcoin becomes more expensive, while the liquidity slows down as more and more whales, including miners, companies and governments, prefer Hodl. It can attract an obstacle to the future Bitcoin acquisition-controlled strategy.
From the moment of the press, the strategy keeps $ 44 billion in BTC against $ 8.2 billion in debts. The first quarter of 2025 was the worst performance of crypto in seven years and MSTR shares was volatile. Goldman Sachs analysts, however, predict that by 2027 it will take at least 50% BTC price decrease to turn MSTR investors from the strategy, which leads to a possible sale.
Saylor rejects the chance of forced liquidation and says that if Bitcoin goes to $ 1, strategy buys all bitcoins. While he has more than 46% of the voting protection, he will probably be able to confront a liquidation. Anyway, we will see if the threat in 2027 is real when the first series of convertible notes will grow up.
Some Bitcoin enthusiasts remain optimistic. Even if Saylor dumps, they say they would buy BTC with a discount and continue. No company or person can destroy Bitcoin.
