Michael Saylor’s Bitcoin Bonanza: The Great Crypto Debate!

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Oh, gather ’round, dear readers, for a tale of one Michael Saylor, the grand master of MicroStrategy! Just the other day, he hopped onto the X social media network-like a sprightly kangaroo on a pogo stick-to declare, with a flourish, that his company buys only the jolliest, sparkliest real Bitcoin. Yes indeed, none of that flimsy nonsense!

With the gusto of a ringmaster at a circus, our hero Saylor proclaimed that MicroStrategy inspects its custodians like a hawk eyeing a particularly plump rabbit. And what does he reject with a dramatic wave of his hand? The dastardly practice of rehypothecation! Oh, the very thought sends shivers down one’s spine!

But hold your horses, for a fiery spat ensued! Like two chickens squawking in a coop, Saylor clashed with none other than cypherpunk extraordinaire and Casa co-founder Jameson Lopp, who raised an eyebrow-and quite rightly so!-about the nature of these mysterious Bitcoin acquisitions.

The fowl play began when Saylor unveiled MicroStrategy’s latest treasure haul on that fateful day of January 26. They swooped in and gobbled up a whopping 2,932 BTC for a jaw-dropping $264 million! That’s enough Bitcoin to send any crypto enthusiast into a dizzying spin! Now, their total stash stands at a staggering 712,647 BTC, a number so large it could make your head spin faster than a top!

But here’s the kicker-despite this massive Bitcoin buffet, the price of Bitcoin itself was as still as a mouse hiding from a cat! MicroStrategy gobbled up nearly four times the amount of Bitcoin mined globally in 2026, yet the price barely flinched. It’s like throwing confetti at a party where no one showed up!

Lopp, ever the instigator, stirred the pot with a cheeky quip, suggesting that maybe, just maybe, MicroStrategy wasn’t buying the “real McCoy” after all. “Does Strategy actually verify that their Bitcoin only belongs to them and isn’t being lent to some shady character under the table?” he asked, raising eyebrows higher than a kite on a windy day. But fear not, Saylor dashed back onto X faster than a cat on a hot tin roof, firmly rejecting such dubious claims.

Rehypothecation: A Fancy Word for Trouble!

Now, let’s unravel this tangled web of rehypothecation, shall we? MicroStrategy relies on third-party custodians, like Fidelity or Coinbase Prime, who are as trustworthy as a fox in a henhouse, or so Lopp implies! He questioned how Saylor could be sure these custodians aren’t whisking away his colossal Bitcoin stash to earn a quick buck.

Rehypothecation, dear friends, is when a bank or broker takes assets that belong to you and uses them for their own nefarious purposes. It’s like lending out your favorite toy without asking. If the borrower misbehaves (as we’ve seen with FTX, Celsius, and BlockFi), the original owner might find their prized possessions vanished into thin air!

“Real Bitcoin,” Saylor insists, means the unencumbered asset sits snug as a bug in a rug at a specific address on the blockchain. Meanwhile, “rehypothecated Bitcoin” suggests that the same coin might be making promises to multiple parties, like a popular kid at school!

Lopp, with a flair for the dramatic, exclaimed, “People ask for proof of reserves since they don’t even know what monitoring/assurances you put in place!” Oh, the drama! What a spectacle indeed!

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2026-01-29 10:08