Prominent macroeconomist Henrik Zeberg has issued a stark warning that Michael Saylor, co-founder of Strategy (formerly MicroStrategy), will be "crushed" by the company's aggressive, debt-fueled Bitcoin accumulation. Zeberg's prediction adds to a growing chorus of critics who argue the strategy is unsustainable.
Strategy is currently under extreme pressure amid a sharp Bitcoin price decline. In early June 2026, BTC plummeted from around $82,000 to the $62,000–$63,000 range within roughly two weeks. As a result, the Bitcoin treasury firm is sitting on a staggering $14 billion operating loss for the first quarter of 2026 due to unrealized paper losses. The company holds a total of 845,256 BTC, and its recent decision to liquidate 32 BTC has unnerved investors, fueling speculation that it may be running out of runway to sustain its persistent accumulation.
Critics have long cautioned that leveraging debt to purchase a highly volatile asset poses severe risks. Gold advocate Peter Schiff and Canadian mining financier Frank Giustra are among the most vocal detractors, with Giustra previously describing Strategy as a "giant Ponzi." However, defenders note that Strategy's debt is not subject to mark-to-market collateral requirements, meaning lenders cannot force a margin call or fire sale, and the Virginia-based firm retains various capital management tools.
Saylor himself attributes the recent Bitcoin price crash to massive capital raising by tech giants such as OpenAI, Google, and SpaceX, totaling approximately $400 billion. He argues that investors have been liquidating assets—including Bitcoin—to participate in blockbuster IPOs, creating a temporary global capital rotation. Zeberg, however, remains unconvinced that such explanations can prevent a disastrous outcome for Strategy.
