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Opinion
Lionel Laurent

Bitcoin's Laser-Eyed King Is Blind to $1 Billion Loss

MicroStrategy is delaying the inevitable on its cryptocurrency bet, with some hair-raising justifications.

Bitcoin king?

Bitcoin king?

Source: Bloomberg

MicroStrategy Inc. is two things: a publicly listed enterprise-software company whose annual revenue has barely budged in five years, and a publicly listed Bitcoin trading vehicle that has borrowed money to buy volatile cryptocurrency and lost a cumulative $2 billion in the process.

The results of this dodgy experiment have been scary — all the more so because of leader Michael Saylor’s willful blindness to the consequences.