Strategy is being called a “Ponzi scheme”? Saylor fires back with one sentence: You don’t even understand what I’m doing.

Strategy is about to sell Bitcoin.

Once the news broke, the entire crypto world went into an uproar.

Some said: “They can’t hold on anymore.”

Some said: “Cycle staking—eventually it will blow up and liquidate.”

And others said: “Saylor is just a shareholder cash-withdrawal machine.”

Even some people labeled it outright: This is a Ponzi game wrapped in Bitcoin’s clothing.

Coincidentally, a couple of days ago Saylor was interviewed by CoinDesk, and he went through this whole thing. After reading it, I only had one feeling:

You think he’s hyping it—but the truth is, he’s not trading Bitcoin anymore.

Selling coins to pay debts? That doesn’t exist.

First, the most adrenaline-inducing part: Strategy may sell BTC to pay dividends.

Once that was said, the market immediately started fantasizing a “liquidation drama.”

But what did Saylor say verbatim?

“If in the next year we completely rely on selling BTC to pay all dividends, then for every 1 BTC we sell, we will simultaneously buy in 20 BTC.”

“Bitcoin’s current daily liquidity is between 20 billion and 50 billion dollars. When we use BTC to pay all dividends, the amount involved is about 3 million dollars.”

3 million vs 50 billion.

Tell me this can’t affect the market? It’s not even as fierce as a whale dumping from a shady pump group.

Buying at weekly highs—Strategy is SB? Wrong. It’s the king of arbitrage.

This is the most classic way people bash it: “Strategy always buys at weekly highs—classic lemming behavior.”

Saylor’s response directly took my understanding up one more level:

“When we buy BTC through equity swaps, it’s because MSTR stock is rising, and there is a huge equity premium. When the premium is at its widest, we swap 1 share of MSTR for an equivalent exposure in 1 BTC.”

Translated plainly:

He’s not buying coins with cash—he’s exchanging “overvalued stock” for “undervalued coins.”

And while you’re criticizing him for chasing highs, he’s doing risk-free arbitrage.

STRC is the nuclear weapon of the new era, not a bond.

There’s another seriously undervalued thing: STRC perpetual preferred stock.

What are traditional bonds most afraid of? Redemption at maturity—liquidity runs.

But STRC’s design is extremely “sneaky”:

- It never matures

- There’s no obligation to repurchase

- Holders can’t demand redemption

Saylor’s original words:

“If I sell you 2 billion STRC on Friday, you can’t come to me on Monday asking for your money. You can only go to the market to find the next buyer.”

What does that mean?

Strategy will never be “killed off by a liquidity run.”

They take your money, buy BTC, and hold forever. Want to leave? Sure—go to the secondary market and find someone else to take over.

This isn’t a bond. It’s a perpetual-motion engine that locks you onto the Bitcoin train.

Even more terrifying: STRC’s growth rate is approaching 400%.

Bear market? Not afraid.

Premium disappears? Not afraid.

Market panic? Even less afraid.

Because the SOFR+ spread that STRC offers is a risk-free return that institutions simply can’t refuse.

A new narrative—don’t call them Holders. Call them “Bitcoin market makers.”

This is the most core, most explosive cognitive upgrade in the entire article.

Saylor isn’t “hoarding coins.”

He’s doing something even scarier:

He’s using MSTR’s equity premium + STRC’s fixed-income demand + the mispricing of convertible bonds to create a perpetual Bitcoin absorption device.

Bitcoin goes up? Profit from appreciation.

Bitcoin drops? Profit from volatility and the interest-rate spread.

Did you notice—

Strategy’s profits no longer depend on whether Bitcoin goes up or down.

They’re earning from your expectations of the future, from market irrationality, and from the “bridge fee” that traditional capital has to pay when entering crypto.

That’s the real “meta-game.”

If, 10 years from now, Strategy holds 10% of BTC, is it a monopoly or a stabilizer?

That’s a question that keeps a lot of people up at night.

Saylor’s answer is simple:

“A stabilizer.”

Why?

Because a publicly listed company with a market value in the trillions that holds 10% of BTC won’t dump and run—it can’t.

It can only do one thing: maintain predictability in the market.

This isn’t a monopoly; it’s Bitcoin’s last liquidity provider.

Just like the Federal Reserve wouldn’t sell America’s gold reserves—not because it can’t, but because that would be suicide.

Written at the end

I’m not urging you to buy MSTR, and I’m not urging you to buy BTC.

But I want to say one thing:

In this market, people who criticize Ponzi schemes often can’t even touch the threshold of a Ponzi.

The real danger isn’t Saylor’s cycle staking—it’s the day you finally understand Strategy’s model after 3 years, only to realize the price is already a position you can never catch up to.#Gate广场五月交易分享 #比特币波动 $BTC