In a bold and alarming statement, on-chain analyst OxChain raised the possibility of a catastrophic collapse involving Strategy (formerly MicroStrategy), the Bitcoin proxy firm co-founded by Michael Saylor. According to OxChain, this potential downfall could surpass the infamous collapse of FTX.
‘Strategy’s Bitcoin Tactics Resemble Ponzi Scheme’
In a recent post on X (formerly Twitter), OxChain expressed concerns about Strategy’s aggressive Bitcoin accumulation formula, suggesting that the company’s operations resemble a Ponzi scheme.
OxChain pointed out that since 2020, MicroStrategy has transformed from a traditional software company into a significant player in the Bitcoin market, currently holding around 582,000 BTC, valued at nearly $61 billion.
However, OxChain claims that this impressive figure is underpinned by leverage, debt, and shareholder dilution, rather than genuine conviction in the cryptocurrency.
The analyst outlined Strategy’s approach as
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