The Illusion of Profit: Why Strategy’s Bitcoin ‘Gains’ Cannot Be Realised
by Ram ben Ze'ev The Illusion of Profit: Why Strategy’s Bitcoin ‘Gains’ Cannot Be Realised There is a dangerous misunderstanding spreading among retail investors, and it centres on one word: profit . In recent months, Strategy’s public filings and presentations have increasingly framed Bitcoin price movements in terms of operating income, net income, and earnings per share. To the untrained eye, this implies something intuitive and reassuring: that Strategy is generating profits when Bitcoin...
