TL;DR
Bitcoin evangelist Michael Saylor, facing massive losses, wants the U.S. government to buy 20% of Bitcoin, effectively bailing him out and potentially leaving taxpayers with a worthless asset. This mirrors past financial crises, where reckless speculation and government intervention created devastating consequences.
Story
Imagine a used car salesman pitching a lemon as the next Ferrari. That’s Michael Saylor, Bitcoin’s biggest cheerleader, arguing the U.S. government should buy 20% of all Bitcoin. Why? Because he’s holding mountains of it, and needs a bailout.
This isn’t about sound financial strategy; it’s about self-preservation. Saylor’s company, MicroStrategy, bet big on Bitcoin, and now faces a massive loss. His solution? Convince the government to become the ultimate ‘bagholder’—the last sucker left holding the bag when the music stops.
This echoes past crises like the 2008 housing bubble, where institutions propped up failing markets, ultimately delaying the inevitable crash. Remember Enron? Similar story: cooked books, inflated valuations, then a spectacular collapse.
Saylor’s pitch plays on naive patriotism, suggesting Bitcoin is somehow crucial to national security. This ignores Bitcoin’s volatility, questionable utility, and potential for manipulation.
‣ Bitcoin: A digital currency based on blockchain, a secure, transparent way to record transactions.* ‣ Volatility: The tendency for Bitcoin’s price to fluctuate wildly, making it a risky investment.*
This scheme could leave taxpayers footing the bill for a speculative asset, while Saylor walks away richer. Sound familiar?
Advice
Don’t fall for slick sales pitches, especially when they involve risky assets. Remember: if it sounds too good to be true, it probably is. ‘Guaranteed returns’ are often just polished lies.