Max Keiser, a well-known Bitcoin supporter, isn’t convinced that new companies holding Bitcoin will stick to their guns like Michael Saylor’s MicroStrategy.
Saylor’s Unwavering Commitment: A High Bar
Keiser points out that Saylor consistently bought Bitcoin even during market crashes, holding onto his investments even when they were losing value. He argues that these newer companies haven’t faced a real bear market yet, raising doubts about their long-term commitment. He essentially thinks it’s naive to assume they’ll behave the same way under pressure.
Keiser tweeted: “The Strategy clones haven’t been tested in a bear market. Saylor never sold and just kept buying, even when his BTC position was underwater. It’s foolish to think the new Bitcoin Treasury Strategy clones will have the same discipline.” He previously compared MicroStrategy to “the Bitcoin of BTC treasury plays,” suggesting others won’t match its dedication. Many of these copycat companies seem more focused on short-term gains and quick trades, a far cry from Saylor’s long-term strategy.
The Bitcoin Treasury Boom and its Risks
Loads of companies are piling into Bitcoin, following MicroStrategy’s lead. Dozens announced plans in the first half of 2025 alone! Some analysts think corporate balance sheets could soon hold over half of all crypto. Companies like Strive and Trump Media & Technology Group are among the recent additions. All this excitement is creating a lot of hype, but also a lot of risk.
Overpriced Hype?
MicroStrategy’s stock soared, inspiring other companies to jump on the bandwagon. Some companies, like Metaplanet, are trading at ridiculously high premiums—investors are paying way more for exposure through the company’s stock than just buying Bitcoin directly. Analysts warn these premiums are unsustainable. If Bitcoin’s price drops or investor interest wanes, these inflated prices could plummet. Paying a huge premium today might look like a terrible decision tomorrow.
