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#microstrategy

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⚯ Michel de Cryptadamus ⚯

Wall Street Journal piece on the "borrow money to buy bitcoin" industry

> "Companies are raising tens of billions of dollars, not to invest in their businesses or hire employees, but to purchase bitcoin and more obscure cryptocurrencies. A Japanese hotel operator, a French semiconductor manufacturer, a Florida toy maker, a nail-salon chain, an electric-bike maker—they’re all plowing cash into tokens, helping to send all kinds of digital currencies to record levels. News that a new company plans to buy crypto is enough to send its shares flying—spurring others to consider joining the frenzy."

* WSJ: wsj.com/finance/currencies/cry
* no paywall: archive.ph/ML7Xg

#uspol#crypto#bitcoin
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⚯ Michel de Cryptadamus ⚯

Michael Saylor, the king of the "borrow money to buy #bitcoin" crew, has launched yet *another* new stock ticker to facilitate his ponzi scheme - sorry, i mean "bitcoin yield strategy".

this time it's #STRC and he's coming hard with the meme game (which is his only game - a few years ago he said MicroStrategy was going to become a bitcoin technology company but they've never released - or even announced - any bitcoin related technology).

in other unrelated news Michael Saylor bought another $700-800 million worth of bitcoin with borrowed money last week just as the price went up.

#MichaelSaylor#MSTR#MicroStrategy
Continued thread
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⚯ Michel de Cryptadamus ⚯

the irony here is that in order to get into the S&P 500 and thus be exposed to trillions of dollars in passive investing ETFs etc (which is Michael Saylor's goal) #MicroStrategy needs to show positive revenue for some period (i think a year? don't quote me). In order to show positive revenue #MSTR needs to be allowed to recognize their bitcoin gain. Recognized gains get taxed... but if MSTR has to pay taxes on those gains they will have to sell bitcoins which will tank the price of both #bitcoin and #MSTR.

Shining example of why a bailout with taxpayer money is really the only way out for the #crypto industry... good thing they have a compliant and friendly administration that's already making plans to do just that.

x.com/profplum99/status/188282

X (formerly Twitter)Michael Green (@profplum99) on XThe community notes on this is incorrect. IF $MSTR wants to “take advantage of” the rules on valuing digital assets at fair value, which it needs to do to become profitable for inclusion in S&P500, it does indeed create a multi-billion tax liability for which he has no funds.
#cryptocurrency#finance#economics
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⚯ Michel de Cryptadamus ⚯

the giant pot of bitcoins bought with leverage and the money of retail suckers that masquerades as a company known as #MicroStrategy (#MSTR) has a massive tax problem and has run to the IRS for help. They teamed up with #Coinbase and wrote a 76 page Very Angry Letter about how they cannot possibly be expected to follow the tax code as written.

(tl;dr the value of their bitcoins went up and they don't want to pay taxes on them despite taking an absolutely *massive* tax impairment a year or two ago when their bitcoins had gone down)

For bonus points consider that the CEO of MicroStrategy #MichaelSaylor was personally busted for massive tax fraud and had to pay a $51 million fine just a few months ago.

* WSJ: wsj.com/finance/currencies/mic
* no paywall: archive.ph/U4LQC
* 76 page letter: legacy.www.documentcloud.org/d

#IRS#taxes#crypto
Continued thread
Nonilex

Also in attendance…was #MicroStrategy founder #MichaelSaylor, wearing his trademark orange bow tie, a nod to #bitcoin…, #Ripple CEO #BradGarlinghouse & top execs at #Coinbase, including global #policy head #FaryarShirzad….

The #Winklevoss twins chatted w/Chris Dixon of #AndreessenHorowitz & his colleague, Sriram Krishnan, who left his role…at the firm to join #DavidSacks’ task force. #BoHines, #Trump’s choice to lead the Presidential Council of Advisers for #DigitalAssets, was also present.…

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⚯ Michel de Cryptadamus ⚯

MicroStrategy's SEC filing reveals that they "acquired approximately 55,500 bitcoins for approximately $5.4 billion in cash, at an average price of approximately $97,862".

Bitcoin is currently $95k. A week ago it was $90k... and Saylor paid an *average* of $97,862!

I'm increasingly convinced that the vast majority of this huge pump in the price of bitcoin is just Michael Saylor's madness (and the madness of whoever is willing to pay $300,000 per bitcoin by buying shares of MSTR instead of just buying bitcoins for 1/3rd the price).

This won't end well.

#cryptocurrency#bitcoin#crypto
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