Michael Saylor just broke the taboo. After years of preaching absolute HODL at all costs, he now says MicroStrategy - rebranded as Strategy - will sell Bitcoin to fund dividends for its STRC preferred shares. The company holds 818,334 BTC, nearly 4% of the total supply. That makes any liquidation a seismic event.
On Bitcoin And, host David Bennett noted the rhetoric echoes Elon Musk’s Dogecoin dumps - sell while telling markets it won’t crash. Saylor called it "inoculation," but the real shift is structural: Strategy is no longer a passive treasury. It’s a leveraged financial entity needing cash flow.
"The majority of the community now prefers speculative gains over the tools that make the money worth having."
- Matt Odell, Rabbit Hole Recap
Six weeks after Coinbase shed 700 jobs to automate with AI, the industry’s center of gravity is shifting. Lean Bitcoin-native teams like Strike operate with 75 people. MicroStrategy’s pivot amplifies a deeper fracture: sovereignty vs. stock performance.
At recent conferences, Marty Bent observed packed rooms for tokenization panels - empty ones for Bitcoin as sound money. The culture is rewarding financial engineering over protocol development. When criticism of Saylor draws rage akin to XRP’s army, something’s broken.
"We’re turning Bitcoin into a retail stock cult - complete with dividends and NAV worship."
- Marty Bent, Rabbit Hole Recap
The danger isn’t one company selling. It’s that the network’s ethos erodes while institutions weaponize its scarcity for Wall Street returns.
