Does Michael J. Saylor’s All-In Strategy With Bitcoin Threaten the Future of the Bitcoin Revolution?

Analysis of MicroStrategy's strategy, study of the risks for MicroStrategy, but above all the risks for the future of the Bitcoin revolution.

The holiday season of 2024 is not an easy one for Michael J. Saylor and MicroStrategy. He spares no effort and continues to work hard. A few hours after announcing a new purchase of BTC for the seventh consecutive Monday since November 11, 2024, bringing the total number of BTC held by MicroStrategy to 444,229 units, Michael J. Saylor and MicroStrategy have just announced that they want to increase authorized share count by 10 billion.

I did indeed write 10 billion, you read that correctly, it's not a typo. As a reminder, MicroStrategy currently has 330 million shares in circulation. This represents an increase in the number of shares of 3,000%.

Here is the document MicroStrategy sent to the SEC:

The total number of shares would rise from 330 million to 10.33 billion if MicroStrategy's proposal were to be approved by the shareholders of the company founded by Michael J. Saylor.

This proposal leaves no one indifferent, whether on the stock market or in the world of Bitcoin. Many are talking about dilution, while others claim that this is the start of a big move for the MicroStrategy share price. For pseudo-Bitcoiners interested only in Bitcoin's weak money price, this is good news. For Bitcoiners who still care about the future of the Bitcoin revolution, of which I'm one, it represents a source of concern with the following question in the background: Does MicroStrategy own too much Bitcoin?

In the rest of this article, I'll try to answer all these questions.

First, I'll describe MicroStrategy's strategy in detail. Then, I'll tackle the major risk it represents for MicroStrategy, as well as the unique opportunity it could represent, and finally, I'll try to answer the question of the impact it could have on the Bitcoin system.