Do you have any friends, virtual or IRL, who have bragged in the past about how much money they’ve made on Bitcoin? Financial Poise has always been against “investing” (notice the use of quotations) in Bitcoin. Read Buying Cryptocurrency: Fad, Fraud or Fortune-Maker? to understand why.
Bitcoin Braggarts are laying lower right now. A nearly one-third loss in value in a month tends to do that. And so does a nearly 50% loss in six months. Ever hear of a Bitcoin Braggart named Michael Saylor? Well, to call him a braggart may not be fair. Regardless, he runs a large public company named MicroStrategy.
MicroStrategy (Nasdaq: MSTR) is the largest independent publicly-traded business intelligence company. MicroStrategy is also a huge owner of Bitcoin. A Fortune Magazine article by Christian Hetzner published on May 11th, as a matter of fact, called MicroStrategy “little more than a levered play on rising Bitcoin adoption rates…”
Mr. Saylor would be better characterized as a Bitcoin cheerleader. You can see that on this website, which is linked to directly from MicroStrategy’s website. Under his stewardship, MicroStrategy has amassed a huge number of Bitcoins (about 130,000). As Mr. Hetzner reports, the company has borrowed heavily in order to do so.
As we note above, Bitcoin lost nearly ⅓ of its value in the past month and nearly ½ its value in the past six months. In comparison, MicroStrategy is down nearly 57% in the past month and nearly 73% in the past six.
Interested? Don’t be. Please. In the immortal words of Diane Warren, look away, baby look away. Or, if you prefer, in the immortal words of Ben Stern, don’t be stupid, you moron (at 1:59).
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