Biggest catastrophe for crypto industry is Michael Saylor $84B Bitcoin madness

Michael Saylor isn’t building Bitcoin treasury.

He’s building volatility arbitrage for hedge funds and Ponzi-like yield product.

And now, he’s doubling down.

New “42/42 Plan” means Strategy will raise $84 billion to buy Bitcoin using two broken tools:

- Mispriced & risky convertible bonds
- Yield-bearing perpetual shares with no sustainable yield

I explain this madness.

1. Convertible bond arbitrage

Saylor issues bonds with an embedded call option on MSTR stock.

But here’s the gimmick:

He prices MSTR implied volatility at 60%.

MSTR’s realized volatility is closer to 200%.

That’s not treasury management.
That’s pure arbitrage bait.

Hedge funds spot mispricing, buy bonds, short MSTR stock, and profit from gamma exposure.

They stay delta-neutral and print money off volatility arb.

You think they’re backing Bitcoin?

They’re doing volatility arbitrage.

Hedge funds would never give money to Saylor without arbitrage!

2. Perpetual yield scam

Saylor is now offering shares that pay 10%+ annual yield.

But Strategy has no profits.

No sustainable revenue.

So where does yield come from?

New investors!

He’s raising money from new investors, to pay back old investors.

Classic Ponzi structure.

Only works if Bitcoin keeps pumping forever.

Retail thinks Strategy is “Bitcoin + leverage.”

It’s not.

It’s “Wall Street + derivatives + exit liquidity.”

And when this collapses - retail gets destroyed.

I’ve seen delusions like this before.

FTX.
BlockFi.
Celsius.
Voyager.

They always collapse.

People now started attacking me when I alert about Saylor's madness

You always have same non-sense argument:

“But Bitcoin will not down - Bitcoin will go up forever!”

I laugh at this delusion.

That’s not an argument.
That’s a cult.

I've been in crypto industry 10+ years.

I have been through 3 crypto bear markets.

I've seen what happens when Bitcoin crashes 60%+

Strategy will end badly for everyone.

Strategy now holds 576,230 BTC.

That’s 2.6% of total supply.

And its structure is built on fragile leverage and illusions.

This isn’t “Bitcoin adoption.”
This is systemic risk.

And I’m raising alarm now - before it’s too late.