Post
Topic
Board Economics
Re: MicroStrategy Buys $250M in Bitcoin, Calling the Crypto ‘Superior to Cash’
by
The Sceptical Chymist
on 17/03/2024, 05:18:25 UTC
Who is flaming who?  You keep raising the same question for the last 3-ish years.
That was a preemptive call for non-flaming, since I recall getting a lot of backlash for prior statements.  And I'm not flaming anyone here because of any opinions they might have regarding MSTR.  Not now, anyway (heh).

On the other hand, if your theory is that they are going to turn on him when (or if) the BTC prices go down, that seems to be a pretty lame cause of action, even though you seem to think that it is important.... and it is not..  You should already realize that one of the main ways to make a cause of action for breach of fiduciary duties would be in regards to lack of transparency (if such were to exist) rather than merely based on his using leverage to buy bitcoin and telling everyone that is what he is doing.
But there already was a lawsuit in the works that I linked to a while back (that apparently went nowhere), so it isn't as though it couldn't happen.  But you're right, MSTR is being completely transparent about what they're doing with respect to buying bitcoin so I guess anyone who holds their stock shouldn't be shocked that its price is closely tied to the price of bitcoin.  And if bitcoin dropping down to $16k or wherever it was a couple of years ago didn't cause a revolt then I doubt there's going to be one in the works, except if some ambulance-chasing law firm wants to start up a class action lawsuit (which would probably fail).

Anyway, despite my skepticism my current thinking is that it's a benefit to the rest of us that a CEO of a tech company is so pro-bitcoin that he's putting his money where his mouth is and buying it in bulk.  If he has any influence in government or influential friends, that'd be even better.