Max Keiser warns companies to mimic Saylor's Bitcoin strategy

Max Keiser, a veteran Bitcoin maximalist, has warned that new companies adopting the Bitcoin reserve model following Michael Saylor's strategy may lack the discipline needed during an extended bear market.

Keiser wrote on X on May 30:

"The copies of Strategy have never gone through a bear market. Saylor has never sold, still continues to buy despite the investment being in the red. It’s ridiculous to think that the copies will maintain such discipline."

He emphasized that Strategy is the "Bitcoin of companies holding BTC."

The phenomenon of many companies copying the BTC strategy of Strategy exploded after the stock of this company peaked at $543 in November. Some notable names include Strive by Vivek Ramaswamy and Trump Media & Technology Group, which just raised $2.5 billion to buy Bitcoin.

However, Keiser and some analysts are concerned that the unusually high valuation of these companies is unsustainable — for example, Metaplanet is trading at a premium of over 600,000 USD for each BTC compared to the market price.

Analysis of Bitcoin held in the company's treasury and various organizations holding Bitcoin | Source: Bitcoin Treasury