Michael Saylor is a conman who was basically the bellwether for the dotcom bubble. He is playing the role of cult leader currently. He was lucky that his failed software company at the time was the alternative to an instrument to non-existent Bitcoin ETFs at the time. But has since remained as a medium for degenerates to gamble on an incredible wasteful thing.
Here is how the scam works:
- Issue convertible notes through his company to raise cash - Use that money to pump the price of Bitcoin - This inadvertently pumps the share price of the company as it becomes associated to the price of Bitcoin - Dump the shares on degenerates for cold, hard cash. That's what he really cares about.
Buying into his idea is buying into the scam of a valuation based on nothing but the ability to con people in buying into the ponzi.
Despite the amount of this real money going into this ecosystem it remains riddled with wash trading, unbacked tokens like Tether which is used as an alternative to a real dollar in the gambling ecosystem. So whatever "value" you're currently attributing to it, is as fake as the projections will be.
As the market has become increasingly concentrated in large holders, like Saylors company, it becomes easier for these larger entities to manipulate the market further.
Buying into this idea these people are experts or Bitcoin having a primary use case outside of crime is drinking the kool aid.
HRZ Price at posting:
6.0¢ Sentiment: Hold Disclosure: Held
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