Analyst Jacob King has labeled MicroStrategy's Bitcoin-focused business model as a "giant scam" and claims it is unsustainable and destined for collapse. He argues that the company's strategy of issuing bonds to buy Bitcoin is a "giant Ponzi scheme" that relies on a feedback loop. King warns that the entire cycle depends on Bitcoin's price continuing to rise, and when it stagnates or crashes, the structure will collapse. He also criticizes MicroStrategy's co-founder and executive chairman, Michael Saylor, for tying the company's future to an unsustainable strategy. King suggests that MicroStrategy's collapse could surpass financial scandals like FTX and Enron. MicroStrategy has defended its Bitcoin-centric strategy as providing long-term value for shareholders.



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