Microstrategy's Michael Saylor went on CNBC to hawk Bitcoin. In doing so he called the cryptocurrency "available, global, ethical, & useful to millions of companies and billions of people."
Ethical? That's a strange choice of words for the currency of ransomware. Calling it "the king of all commodities" does not make it so.
Saylor described his company:
"We have branded ourselves as a Bitcoin development company....and a substantial amount of our enterprise value is based on our unique ability to issue securities and purchase Bitcon with convertible debt, with equity and the like..."The man pushing his book has been selling Microstrategy stock at a spectacular rate in 2024. CNBC hosts did not ask Saylor why he has been a sellor of MSTR.
Saylor added to the ever changing nature of Bitcoin, calling it "digital property." He noted future supply constraints that will make the number of new Bitcoins only 450 a day vs. 900 currently.
If everyone borrowed to buy Bitcoin, the number can go how high? Vertical skyward.
If everyone needed to sell Bitcoin to pay their debt, how low could it go? Vertical through the floor.
Saylor is promising blue skies and clear weather for his Bitcoin Goodtimes ship. It's virtually unsinkable. Haven't we heard that promise before?
My wise friend offered the following on "ethical Bitcoin":
There are so many inconsistencies in the narrative that it boggles my mind, what's left of it. Bitcoin is a religion but does not have a righteous preacher, so how can it be ethical? Bitcoin is the new system but it needs Larry Finks help along with other cronies from the old system it aspires to transcend. Weird, no? Did Larry inform the Chinese citizenry that Bitcoin will be eating their gold? Apparently not..
The Bitcoin Bandits are out in full force! I just can't believe they are allowing this Spectacle to continue. This guy Mike Saylor is on national TV pumping the Bitcoin as if there is no risk here. The Hunt Brothers tried this similar cornering game but put their own money up with full accountability and they got hammered by the US government.
These fugazies borrow tons of money offshore in various unregulated domiciles and buy a non-existing asset that goes up in price which allows them to leverage more in an unsecured non-recourse manner and the government / regulators stand aside. Why?
How could it not drive you crazy? And now anyone not in this contrived fraud is being performance shamed with the added pressure of FOMO. I guess I will be waiting for Bitcoins own March 27th!
March 27, 1980 was the day silver prices imploded. History reveals possible parallels:
Starting in mid 1979 Nelson Hunt and William Hunt (Then some of the richest men in the world) teamed up with a coalition of wealthy Arab Shieks to attempt to corner the silver market and create a private, silver backed currency to rival the U.S. Dollar. (Remember – this was taking place as inflation in the U.S. was running rampant, inflation was around 17%!)
Bitcoin will have its days in the sun....
The Hunt brothers ended up with losses of nearly $4 billion.Enjoy the sail on Michael's Goodtimes ship. I heard there's a band.
Update 3-22-24: Coinbase's CEO thinks Bitcoin's creator is deserving of a Nobel Prize. In contrast Nobel Prize winning economist Joseph Stiglitz He said in 2018:
“My feeling is when you regulate it so you couldn’t engage in money laundering and all these other [crimes], there will be no demand for bitcoin,” he told Bloomberg in January. “By regulating the abuses, you are going to regulate it out of existence. It exists because of the abuses.”The topic of awarding Nakamoto the Nobel arose in 2015.
Update 4-5-24: Thieves stole $30 million in cash from a secure facility in Los Angeles over Easter weekend. They'll need to launder it. Bitcoin?
