Big Bull Michael Saylor Got Very Angry at a Question Asked About Bitcoin – Here Are the Details of the Debate

Michael Saylor responded sharply to criticisms questioning the Bitcoin treasury model.

On the What Bitcoin Did show that aired yesterday, Saylor said host Danny Knowles’ question about whether the number of companies borrowing to buy Bitcoin is sustainable as ‘ignorant and offensive’. ” , ‘I’m sure it is worth reading.

In a statement about the dangers of more than 200 companies, which describe themselves as “Bitcoin treasures” in the market, buying Bitcoin through borrowing, Saylor said ‘Who is your answer for ‘they’re just lending their money to buy Bitcoin?’ According to Sayles, this approach underestimates how much it will take by companies to adopt Bitcoin and become ‘a new and better technology.

Saylor’s departure comes at a time when Bitcoin treasury companies struggle to cope with the transition. Currently, data shows that about 40% of the top 100 Bitcoin treasuries are trading at a discount and new capital increases are hard to get right. Additionally, more than half of these firms purchased Bitcoin for higher price than the current levels (some shares suffered losses of up to 99%) and some other companies.

The center of the controversy is also strategy (formerly called MicroStrategy) by Saylor, which was founded in. In the first nine months of 2025, it generated $125 million in operating cash flow — nearly all from its legacy business intelligence software operations. In the same period, Strategy raised more than $50 billion in equity, preferred shares and convertible securities (with almost all of it buying Bitcoin) with nearly half of its value. As such, over 99% of Bitcoin’s funding came from securities issuedissuance (not operations), not operation.

In the company presentations, it is a clear focus; around 90 per cent of the slides are about to be dedicated to the Bitcoin treasury while the software business receives limited coverage and does not appear as the main driver of growth. The world’s largest institutional Bitcoin holder, Strategy is by far the biggest institution bitcoin Holder with more than 650,000 Bitcoin.

But asking questions about hundreds of companies issuing securities to buy Bitcoin, Saylor argued, was as useless as “questioning companies adopting electricity.” Even loss-making companies can make money by buying Bitcoin “If a company loses $10 million yearly but makes $30 million from Bitcoin, it’s on – at least $20 million net profit. Paraphrast.

But Saylor also protested against Knowles’ statement that companies could compete with each other, saying ‘We’re not competing with one another. A 400 million company can buy Bitcoin, but there’s a lot of room for . Paraphrast.

*This is not investment advice.

Thanks for reading Big Bull Michael Saylor Got Very Angry at a Question Asked About Bitcoin – Here Are the Details of the Debate