ChainCatcher message, Steve Sosnick, Chief Strategist at Interactive Brokers, recently shared his views on MicroStrategy's Bitcoin strategy. Michael Saylor purchases Bitcoin by issuing convertible bonds, which is seen as a leveraged trade. 📈

This strategy works effectively when Bitcoin prices rise, but if the market reverses, the risks also increase. Sosnick pointed out that MicroStrategy seems to be caught in a 'self-fulfilling feedback loop', driving up prices by continuously purchasing Bitcoin and refinancing to buy more. 🔄

However, this strategy is not without flaws, as market volatility may lead to unexpected outcomes. In the short term, this situation has not yet occurred, but caution is still necessary moving forward. 🔍