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Michael Saylor, executive chairman of Strategy, has outlined an audacious endgame for his company, and that is to accumulate $1 trillion worth of Bitcoin. This is coming at a time when criticisms of him and his company’s Bitcoin accumulation strategy have gone up a few decibels.
In a recent conversation with Bitcoin Magazine, Saylor compared Bitcoin to historic breakthroughs such as fire, electricity, and oil, calling it property, capital and energy in cyberspace.
Saylor’s trillion-dollar Bitcoin endgame
Saylor envisions Strategy building its Bitcoin treasury to $1 trillion and moving far beyond that. Strategy has already become the most prominent corporate Bitcoin holder since it pivoted in 2020 from business software to a digital asset-focused balance sheet.
Strategy now holds 640,031 BTC, purchased through a mix of cash reserves, convertible debt, and repeated equity issuance. It announced the acquisition of 196 Bitcoins for $22.1 million when the token dipped below $110,000, as Cryptopolitan reported on Monday.
Saylor insists the model is only beginning to take hold. He notes that while only a handful of listed firms held Bitcoin in 2020 when Strategy went all in on the cryptocurrency, more than 180 do today. He predicts this will grow to thousands as companies shift their balance sheets toward digital assets.
Saylor also believes that tech giants such as Apple, Google and Microsoft will eventually embed Bitcoin into their operating systems and hardware.
For Saylor, the stakes go beyond corporate profits. He frames Bitcoin as a foundation of economic integrity, decentralization, and energy efficiency, a financial system that can transfer value across time and space.
Skeptics question the model
Critics, however, remain unconvinced. There is also a very vocal group speaking about the “impending doom” that awaits Saylor’s Strategy and the people and institutions who have invested in them.
In June this year, veteran short-seller Jim Chanos described parts of Saylor’s valuation logic as “financial gibberish,” questioning why Strategy trades at a premium to the value of its Bitcoin holdings.
Peter Schiff, chief economist and strategist at Euro Pacific Capital, also shared similar sentiments in an X post last week, calling Saylor’s business strategy “harebrained” and pointing out that Strategy (MSTR) has been “down 45%” since its November 2024 high.
A recent report showed that Strategy’s stock, which for years traded well above the net asset value of its Bitcoin stash, has lost some of its luster. Saylor has brushed off the trend, saying he is unbothered.
Analysts warn of dilution risk, since Strategy funds purchases largely by issuing stock or convertible notes. While the strategy boosts the Bitcoin treasury, it also leaves common shareholders with a smaller slice of the company.
Saylor’s struggle to defend his vision is perennial
Saylor dismisses such concerns, likening criticism of Bitcoin to historic resistance against electricity or nuclear power. Each new price milestone, he argues, brings a new wave of skeptics, yet adoption continues to expand.
He also rejects the notion that corporate buying crowds out retail investors, pointing to the estimated $1.8 trillion in gains enjoyed by individuals since companies such as Strategy and BlackRock entered the market.
The scale of his ambition, however, raises questions of feasibility. To reach a trillion-dollar Bitcoin reserve at current prices, Strategy would need to hold around 9 million BTC, close to half of the total supply that will ever exist. Even if Bitcoin rises sharply, the capital required would dwarf the company’s present means.
However, the symbolic power of Saylor’s claim may be as important as its literal execution. In his telling, Bitcoin offers not just a speculative hedge but a chance to power a global system of trust. According to him, Strategy’s model will be remembered as a paradigm shift in corporate treasury management.
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