Why Michael Saylor’s bitcoin hype machine is glitching out
The entrepreneur’s cryptocurrency strategy has been so lucrative it has spawned dozens of imitators that treat it like a cheat code on a video game.
Lionel Laurent
Here’s how Michael Saylor’s bitcoin treasury company Strategy 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’s Sam Altman, has been so lucrative that it has spawned dozens of imitators hoping to capture the same “infinite money glitch”, like a cheat code on a video game.