MicroStrategy is extremely concerning for me. I'm a big fan of Bitcoin, but just not MicroStrategy. People invest in MicroStrategy because they want to invest in Bitcoin through a publicly traded stock (so a more familiar and traditional investment vehicle), and they also get leverage. They also have a charismatic leader (Michael Saylor), and people find it easier to invest in a person than in an algorithm/network. People talk about MicroStrategy's "Infinite Money Glitch" where they issue debt to buy more Bitcoin. This is a nice way of framing a very scary thing - this is not a glitch; it's just a ton of leverage, and it only works if the Bitcoin price goes up. Bitcoin is a great asset; however, so is real estate, and that didn't stop the subprime mortgage financial crisis of 2007. If the Bitcoin price severely dips, MicroStrategy could collapse. As we have seen with Terra Luna, FTX, and Three Arrows, the collapse of one major entity in the crypto industry can have devastating knock-on effects on others. It can break the industry's trust, causing a "crypto winter" for 2-3 years. And as the industry grows, the stakes get higher, and the collapse could be even worse. The market cap of Microstrategy is currently ~$100 Billion, as compared to the market cap of BTC, which is around $2 Trillion. Another issue is that MicroStrategy owns 2% of the circulating supply of Bitcoin (or perhaps larger if you discount lost/inaccessible Bitcoin). This is a centralization risk, which "doesn't matter" day-to-day until players come together and start censoring the network, and then it really matters. I have tried to think about MicroStrategy and whether I am wrong and I am missing something. In the past, I used to question myself in situations like this, especially when the entity/person that I sensed a red flag with was reputable and well-connected. However, I have been in this industry long enough to trust my instinct, and when I really can't get to the bottom of something, that's probably because there is no substance behind it, and it could be dangerous. That's the problem. The solution is to buy spot Bitcoin directly instead of MicroStrategy. I love this industry, and it's my bread and butter, so I want to protect it. In every bull cycle, there will be actors who wish to take advantage, whether out of pure malice or recklessness and negligence. Unless we speak up and stand up for what is right.