Crypto, cults and picture makeovers
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Captain Blackadder: There was one tiny flaw within the plan.
Lieutenant George: Oh, what was that?
Captain Blackadder: It was bollocks.
Ponzi schemes typically have one cult chief. The crypto business has many, whether or not FTX’s founder Sam Bankman-Fried, Binance’s CEO Changpeng Zhao, or MicroStrategy’s CEO Michael Saylor. These generals in flip have their non secular – or quite, ethereal – chief within the type of the mysterious Satoshi Nakamoto, believed to be a pseudonym for the particular person or individuals who invented bitcoin. When cult followers are feeling down on account of the crypto collapse over the past seven months, they will typically depend on their leaders to supply solace within the type of an upbeat TV or journal interview.
Up till August 2020 MicroStrategy Inc. was a struggling software program firm with gross sales of round US$100 million. Its CEO Michael Saylor then began shopping for bitcoins for the corporate, principally with debt. On the peak of the market final yr the corporate’s bitcoin holdings had been value near US$6 billion, dwarfing the software program enterprise and its meagre revenue of US$3.4 million within the quarter ending 30 June 2020.
Under is the corporate’s quite interesting-looking share value chart going again to June 1998 when it was listed – sure, this was simply earlier than the tech bubble burst.
Supply: MarketWatch
Should you go to the corporate’s web site you will notice no apparent point out of its large publicity to bitcoin, solely a hyperlink within the backside left nook of the homepage to a Bitcoin is Hope web site – the corporate’s statutory monetary accounts that do after all element its bitcoin holdings will be discovered on the primary web site’s Investor Relations web page. On the Bitcoin is Hope web site, you will discover a load of TV interviews with Saylor as regards to cryptocurrencies.
No matter you consider Saylor’s resolution to show MicroStrategy right into a geared play on bitcoin, you need to admire his capacity to up the ante on the private picture entrance. I do not know precisely what comes subsequent however I am unable to get that tune – and that scene – on the finish of the movie Lifetime of Brian out of my head.
From Michael Saylor’s Wikipedia entry:
Supply: Wikipedia
When bitcoin was rising:
Joe Raedle/Getty Pictures
Michael Saylor’s new Twitter account profile image:
Supply: Ethereum World Information
The views expressed on this communication are these of Peter Elston on the time of writing and are topic to vary with out discover. They don’t represent funding recommendation and while all cheap efforts have been used to make sure the accuracy of the data contained on this communication, the reliability, completeness or accuracy of the content material can’t be assured. This communication supplies info for skilled use solely and shouldn’t be relied upon by retail buyers as the only real foundation for funding.
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