It's interesting to see how crypto media works to reinforce scams (see Bitconnect, HEX, Axie Infinity, Pirateat40 ponzi, etc). So Coindesk and crypto social media influencers.

The role of charismatic leaders and the appeals to wealth and authority, instead of logic, are an unfortunate phenomena.

MicroStrategy is operating a pyramid scheme. They are selling $1 of Bitcoin for $2-$3. They are also buying the top, and doing so in increasing size.

The convertible bonds confuse people. You cannot create money out of thin air - and MicroStrategy is not providing a service of value.

If you want to buy Bitcoin with leverage, save yourself 50% and do it with options or borrow your own money.

What will be really interesting is if MicroStrategy's premium collapses and it takes $30+ Billion out of the crypto markets. It could be a shock similar to FTX and Celsius.

The premium can go negative (see GBTC).

The stockholders can get zero - bondholders get priority.

It's not a ponzi, but it's a sophisticated scam that should be illegal.