Happy to hear any pushback on this but until Saylor can cryptographically prove that he actually owns the bitcoin that he claims to own, then he is only leading his followers into a custodial rug pull like we have seen with countless platforms from Mt. Gox all the way to FTX.
That’s exactly what people need to get, he’s not buying Bitcoin with his own money. He’s using company funds raised through shareholders to make those purchases. Basically, he’s spreading the risk to the investors. While I haven’t read all the fine print on those investment terms, it’s pretty clear that if Bitcoin’s price shoots up, he’ll benefit more than the shareholders.
But here’s the thing, if Bitcoin crashes, the risk falls more on the investors than on him. And with his name and company now already popular in the crypto space, he’s built enough trust to keep investors from panicking during major corrections. In the end, it’s a smart play. He’s managing the risk brilliantly while keeping the upside heavily in his favor.
(that's why he is criticized on the bold part).