I would never say its a reckless practice, but its way even smarter than what others are doing. I understand why this suddenly comes out, probably because others have felt envy for Saylor for how fast he was able to accumulate wealth with bitcoin.
This is true; there are people who simply want Saylor's project to fail, without making a rational analysis of it.
As long as there is money, everything will turns out possible.
That there is money and that whether he will be able to keep raising it are two different things.
The main problem Strategy faces now is that it has based its model on a Bitcoin CAGR of 30% for the next 20 years. But that is an assumption. If the assumption fails, the model fails. In fact, in that model, the CAGR would be closer to 40 or 50% in the early years, gradually declining to 20% within 20 years, giving an average return of 30%. And in the first year since he made his prediction, Bitcoin fell 7%, in a post-halving year no less.
We have seen too many well-structured mathematical models, with a lot of logic behind them, fail. I remember PlanB's, for example.
What happens this year will be crucial for Strategy. If we have a bullish year, nothing will happen, but if we enter a crypto winter, the business model will be in jeopardy.
