Prominent macroeconomist Henrik Zeberg is convinced that Strategy co-founder Michael Saylor will end up being “crushed.”
He is the latest pundit who has opined that Saylor’s debt-fueled accumulation strategy will eventually end in disaster.
Mounting challenges
Strategy is currently under extreme pressure amid the ongoing market mayhem.
In early June, the Bitcoin price plummeted from the $82,000 level down to the $62,000-$63,000 range in roughly two weeks.
Strategy is now sitting on a staggering $14 billion operating loss for the first quarter of 2026 due to unrealized paper losses. The Bitcoin treasury firm boasts a total of 845,256.
The company’s decision to liquidate 32 BTC has unnerved investors, and some now speculate that the firm might be running out of runway to sustain its persistent accumulation.
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Critics have long warned that leveraging debt to purchase a highly volatile asset could backfire.
Vocal Bitcoin skeptic and gold advocate Peter Schiff has heavily criticized the firm’s audacious financial maneuvering. He believes Strategy will eventually hit a wall, and it will be forced to liquidate Bitcoin just to survive.
Canadian billionaire and mining financier Frank Giustra is also a persistent critic, who has previously described Strategy as a “giant Ponzi.”
There are also those who believe that these dire warnings are overblown. Strategy’s debt is not tied to mark-to-market collateral requirements, so lenders cannot force a margin call or a fire sale. The Virginia-based firm has a variety of capital management tools at its disposal.
The reason behind the crash
Last week, Saylor stated that massive capital raised by tech giants of the likes of OpenAI, Google, and SpaceX (roughly $400 billion in total) is to blame for the global capital rotation.
According to Saylor, market participants have been forced to liquidate various assets to take part in blockbusters IPOs, and Bitcoin is also taking a hit due to this.
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