This old man who buys gold mocks the old man who buys BTC every day. To be fair, MicroStrategy really did float at a considerable profit at the peak—however, they didn’t arbitrage when liquidity was at its best. Instead, they cut losses in the places where they were losing to free up cash flow. In the end, it all comes down to greed—getting caught by FOMO. Seen this way, once institutions enter the crypto world, they’re still just “rich-but-susceptible” retail targets. 🤷🏻‍♀️