The Spectacular Folly of MicroStrategy: When a Company Bets Everything on Speculation
by Ram ben Ze’ev MicroStrategy Inc. (NASDAQ: MSTR) has become something of a poster child for Bitcoin fanaticism . Once known as a business intelligence firm, today it is better understood as a high-stakes proxy for digital gold speculation. The company no longer lives or dies by the merit of its software—it survives on the volatile tides of Bitcoin. Its CEO-turned-evangelist, Michael Saylor, has led this transformation by converting nearly the entire balance sheet into a bet on a digital...
