MSTR Stock Rises Nearly 2% In Pre Market As Michael Saylor Counters Critics Who Label MicroStrategy’s Bitcoin Play Ponzi Scheme: ‘That’s Why Your Buildings Are So Tall In New York City’
Posted On December 17, 2024
MicroStrategy Inc. (NASDAQ:MSTR) co-founder Michael Saylor responded on Monday to critics who call the firm’s Bitcoin (CRYPTO: BTC) acquisition strategy a Ponzi scheme, equating it to Manhattan’s real estate industry.
What happened: During a CNBC interview, Saylor was asked his views on the argument that the company’s much-discussed strategy, which capitalizes on high returns from Bitcoin to buy more Bitcoin, is a Ponzi scheme.
“Just like developers in Manhattan, every time real estate goes up in value, they issue more debt to develop more real estate,” Saylor came up with a sharp retort. “That’s why your buildings are so tall in New York City.”
The Bitcoin advocate said that such a practice has been in place for 350 …
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