Vinny Lingham predicted in 2024 that Michael Saylor's Strategy would harm bitcoin more than FTX, a forecast now seeming accurate as Strategy's stock (MSTR) has fallen over 80%. Strategy holds $6.7 billion in convertible notes, requiring potential sales of up to 111,000 BTC to cover maturities, which risks further depressing bitcoin prices. Lingham describes Strategy's financial structure as a 'Saylor scheme' with multiple preferred securities and warns that its cash reserves can only cover dividend obligations for about 10 months. He advises that the best course would be to halt bitcoin purchases and share issuances to preserve cash, but doubts Saylor will change course due to hubris. The situation resembles a chess zugzwang, where every move worsens Strategy's position, raising concerns about the company's future and its impact on bitcoin markets.
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