Be careful to play Michael Saylor, but without Bitcoin
Perhaps the warning made in the title of this article does not have enough exclamation signs. But here we go again: Be careful !!!
It is that in the financial world there is a new trend that is growing by leaps and bounds: playing to be Michael Saylor.
Strategy CEO (formerly Microstrategy) is a Bitcoiner maximalist and recognized for implementing an aggressive Bitcoin accumulation model (BTC) as a value reserve. This strategy to accumulate currency units created by Satoshi Nakamoto is to issue debt through convertible bonds to, thus increase their reserves without depending on their operational income.
Saylor began acquiring BTC in 2020, within a sustained policy that positioned Strategy as The company that quotes in the stock market with the greatest amount of Bitcoin in its treasury. Currently, he has 568,840 BTC.
But here is the problem: what happens when other managers play to be Michael Saylor and end up accumulating cryptocurrencies instead of Bitcoin? The result is very different.
While Saylor builds a solid and fundamentals reserve, These imitators “bet” to much more volatile and risky assets.
In recent days, some companies were news after announcing debt issuance to buy Solana (Sol), Ethher (ETH), the native cryptocurrency of the Ethereum Network, and even Official Trump (Trump), the official memecoin of the US president.
As Cryptonoticias, Addentax Group Corp, a textile and real estate company in China, reported that it will issue ordinary shares to acquire 8,000 BTC, “along with other cryptocurrencies, including Trump, for an approximate value of 800 million dollars.”
The executives of the Asian firm argue that the objective is to support their investment and long -term tenure strategy of digital assets, “while strengthening their networks by incorporating influential cryptocurrencies as shareholders as shareholders.”
Sol Strategies, an investment company in Canada, started in January this year with sun purchases. Between January 19 and 31, the firm bought 40,300 Sol for approximately 9.9 million dollars.
Janover, an American company quoted on the stock market that is focused on the real estate industry, reported during the month of April that it bought more than 83,000 Sun, equivalent to about 9.6 million dollars.
For its part, the company for the development, manufacture and distribution of consumer products, UPEXI, announced new sun purchases, thus raising its holdings to 596,714 Sun, valued at 102 million dollars.
Michael Fay, financial market analyst, referred to Upexi’s strategy and commented: “The company issued 36 million ordinary shares and has been investing that capital in Solana purchases. After initially announcing the acquisition of 45,733 Sun for 6.7 million dollars at the end of April, UPEXI subsequently added more than half a million sun in less than a month.”
He also highlighted: “The company specifically mentions how the funds quoted in the stockbroker (ETF) of sun and the return of the meme coins are positive catalysts for the price of sun. I am generally not a big fan of the meme coins and I have expressed it in previous works. But if they will resurface this year, it is likely that solana is the chain where this happens.”
These three companies also plan to increase their holdings in Sol and benefit from the staffing.
A similar commitment is the one that BTCS Inc., an American company that quotes in the Nasdaq stock market, which plans to raise 57.8 million dollars through convertible promissory notes. However, unlike the firms mentioned above, its objective is to buy ETH.
BTCS is the tenth organization with the greatest amount of Ether in its treasury, as seen in the following image:
It is here where it is convenient to stop for a moment and analyze the narrative behind this trend that, more than a “saylorization”, installs a wrong idea: that Bitcoin is equal to any other cryptocurrency.
If you start as Altcoin, it does not end as a reserve of value
This is not a matter of ideology, but of fundamentals. What happens is that Bitcoin is not “the first cryptocurrency”, as other means or propaganda mistakenly repeat. The currency created by Satoshi Nakamoto is, above all, a decentralized asset and resistant to the censorship of banks or governments, characteristics that it shares with gold. In fact, several investors consider that BTC is “digital gold.”
As explained in cryptopedia, cryptootic educational section, BTC functions as a neutral network, open and without owners – as well as the Internet – while cryptocurrencies are controlled by equipment, have defined permits and objectives, which makes them look more like companies with their own market actions.
In addition, BTC must be highlighted has a limited and scheduled supply of 21 million units, unlike several altcoins that lack a strict emission stop or present a growing offer that is not always backed by a real demand. This makes them inflationary.
In the particular case of Solana, it has an inflationary model that implies that new token units are broadcast every year. Currently, that inflation rate is around 5.3%. Although those who do staking receive rewards of 8.3% annual, on average, real performance barely reaches 3%.
While it is true that this performance can be attractive, it can also be a structural risk due to the constant creation of Nuevos Sol, which causes the value of each currency to be diluted if there is no demand that compensates for such an emission.
Therefore, when a company decides to use sun as a reserve asset, it implies facing not only its high volatility, but also a loss of value inherent for its constant emission. In simpler terms, investing in companies that accumulate Sun is a large risk because their balances depend on an asset that lacks the BTC properties.
Another issue that differentiates BTC from cryptocurrencies is that it works as a protection in times of economic uncertainty or geopolitical tensions. This is because it is not devalued by the monetary emission or the decisions of the central banks.
A clear example of its resistance was after certain ads within the framework of the “tariff war” between the United States and China. Analysts of the Galaxy Digital firm, point out that the good behavior of the digital currency during the conflict underlines “the growing attraction of decentralized assets in an environment characterized by a growing skepticism towards US fiscal policy and the independence of the Central Bank.”
This idea that “all cryptocurrencies are the same” was promoted by Trump, who on March 2, 2025 announced that the strategic reserve of United States digital assets would include not only BTC and Ether, but also XRP, Solana and Cardano (ADA).
Such combination of assets with such different characteristics and foundations is an error that can confuse investors and weaken the perception of the true value of Bitcoin as a reserve of solid and scarce value. When treating tokens with different levels of emission and use cases as equivalent, the differences made to the unique BTC and There is a risk of banaling the concept of “reserve asset”.
It is also important to note that, over time, many Altcoins such as XRP and ETH have depreciated considerably against Bitcoin. For example, if the price of ETH in BTC is measured, a significant fall is observed from its historical maximums, which reflects a loss of important relative value.
And so we repeat again: Beware! But, really you have to be careful with those who try to replicate Saylor’s strategy Without understanding the difference between BTC and cryptocurrencieswhich are not prepared to be reservations.
The true “Saylorization“It is not to copy the debt issuance strategy to buy digital assets. No. If you want to imitate Saylor, the first thing is to understand why Bitcoin yes, and the cryptocurrencies no.
Discharge of responsibility: The views and opinions expressed in this article belong to its author and do not necessarily reflect those of cryptootics. The author’s opinion is informatively and under no circumstances constitutes an investment recommendation or financial advice.
