On March 31, 2025, Strategy, the company formerly known as MicroStrategy, made headlines yet again with its jaw-dropping $2 billion Bitcoin purchase. With this latest move, Strategy's total Bitcoin holdings have reached a staggering 528,185 BTC — over 2.5% of the entire supply. As always, Michael Saylor is at the center of it all. To many, he's a Bitcoin evangelist, the corporate face of crypto’s march into the mainstream. But for others, he’s a threat — a single figure with too much power in a system that was built to be decentralized.

Saylor’s story in the Bitcoin world is one of relentless conviction. Over the past few years, he’s positioned himself as Bitcoin’s loudest corporate champion. His posts on X, meetings with politicians, and bold claims comparing Bitcoin to Manhattan real estate have made him a polarizing figure. His pitch to the world is simple: Bitcoin is the best form of capital, and America must embrace it — fast. Through MSTR stock, he has built what he calls a bridge for financial institutions to gain exposure to Bitcoin.

This approach has undeniably played a huge role in mainstream adoption. Analysts now estimate that by 2030, one in four public companies will hold Bitcoin. Even governments are joining the race. But while Saylor pushes Bitcoin as a capital asset, critics argue that he’s undermining its original vision. Bitcoin, they say, was created as a peer-to-peer cash alternative, not as a Wall Street investment vehicle or U.S. economic tool. The concentration of Bitcoin in Strategy’s hands, they argue, contradicts the decentralized ideals Bitcoin was built on.

Skeptics worry about something deeper: the centralization of influence and potential fallout if Saylor ever decides — or is forced — to sell. His control over more than 46% of Strategy’s voting power, combined with the sheer size of their Bitcoin holdings, makes him one of the most powerful individuals in the space. If that power were ever used to liquidate, it could trigger a seismic event in the crypto market. The question lingers: what happens if the price tanks or Strategy runs into financial trouble?

Strategy’s history also feeds the fear. Back in the dot-com era, the company suffered a spectacular collapse after inflating revenues, ultimately facing lawsuits and penalties. More recently, Saylor was hit with a $40 million tax settlement for allegedly misrepresenting his residency to avoid taxes. Though he has rebranded and returned with a vengeance through Bitcoin, some in the crypto community have not forgotten.

While many cheered Strategy’s latest Bitcoin buy, others immediately began speculating whether this was a top signal. Conspiracies even circulated suggesting that Strategy’s purchases might not be real. But Arkham Intelligence has traced most of the BTC addresses back to known custodians like Coinbase Prime and Fidelity, largely putting those doubts to rest.

Still, one sword remains hanging: liquidation. Strategy continues to issue convertible debt to finance its Bitcoin purchases — a bold strategy, but one that adds risk. With $44 billion in Bitcoin and $8.2 billion in debt, any significant downturn could change the equation. Although Saylor confidently claims he’d rather buy all the Bitcoin if it hits $1 than sell any of it, market pressures could say otherwise if things get tight.

Some experts argue that it would take at least a 50% drop in Bitcoin’s price for MSTR investors to truly panic, and that scenario isn’t expected to materialize until at least 2027 when the first batch of convertible notes matures. Still, the possibility looms in the background.

Interestingly, some Bitcoiners say they’re not too worried. If Strategy ever dumps, they believe they’ll scoop up the discounted coins and move on. To them, Bitcoin is bigger than any one person, company, or event. But the irony remains: while Satoshi Nakamoto chose to remain anonymous to avoid becoming a central figure, Michael Saylor has become exactly that — a loud, visible, and powerful Bitcoin monarch in a supposedly leaderless world.