In the past two days, many people have started calling MicroStrategy the “biggest Ponzi scheme of 2026,” and some have even begun linking Michael Saylor to scammers.

But honestly, I think many people still haven’t truly understood what he’s actually doing.
At its core, Saylor isn’t doing “sell-courses-style call trading.” He’s using a publicly listed company to run an unprecedented financial experiment:
Borrow USD → Buy BTC → Use the increased market value to continue raising funds → Buy more BTC.
As long as BTC keeps rising, this setup is like a perpetual motion machine.
But the issue is precisely this:
It’s becoming increasingly dependent on the premise that “BTC will always keep going up.”
Back when everyone’s belief was strongest, it was because Saylor kept saying every day:
“Never sell BTC.”
As a result, the market suddenly realized:
“So you might sell too?”
It’s like someone who constantly says, “I’ll never get divorced,” suddenly starts studying property division agreements—so some people begin FOMO under the banner of faith.
The most terrifying thing has never been selling coins.
What’s truly frightening is that the market is realizing for the first time:
MicroStrategy might also face liquidity pressure.
So is it a Ponzi scheme?
Strictly speaking, no.
Because it has real assets, audits, and regulation.
But it has indeed turned into a machine:
“A machine that leverages the capital markets to amplify belief in Bitcoin.”
If BTC continues to make new highs, Saylor will be elevated to legend.
But if the future brings a long-term bear market, then all the people hyping him today may be the first to come out and criticize him.
The most interesting thing about the crypto world is this:
In a bull market, it’s called “financial innovation,”
In a bear market, it’s called a “Ponzi scheme.”