Prominent angel investor and early Uber backer Jason Calacanis has argued that Bitcoin's biggest challenge is no longer the asset itself, but the growing influence of Strategy (formerly MicroStrategy) and its outspoken co-founder Michael Saylor.
"The challenge for $BTC is that one person is causing chaos ($MSTR), while retail is more interested in bets on world-changing products (SpaceX, OpenAI, Anthropic)," Calacanis wrote on X.
Calacanis has become one of the most vocal critics of Strategy's Bitcoin-centric corporate model. He contends that Strategy has become so dominant it distorts the market narrative. The company, which bills itself as a "Bitcoin treasury company," finances ever-larger BTC purchases through equity offerings, convertible debt, and preferred stock issuance, making it the world's largest corporate Bitcoin holder and turning its stock into a leveraged proxy for Bitcoin.
His skepticism is not new. After the FTX collapse in 2022, he argued that much of crypto was dominated by speculation and poor governance. More recently, he has repeatedly slammed Strategy’s financing model, calling for investors to "sell MSTR and buy bitcoin directly" and describing the company’s structure as a "stunning pyramid scheme."
