Is Michael Saylor the Do Kwon of this bitcoin cycle?
Michael Saylor’s rise to prominence among bitcoin (BTC) investors is drawing considerable criticism. One particularly disparaging analogy claims that his BTC-buying tactics at MicroStrategy are similar to Do Kwon’s own from 2022. To understand this apparent parallel, it’s worth revisiting Kwon’s story and the months before his criminal prosecution. To be clear, no government agency has accused Saylor of any crime and there’s no indication that he — unlike Kwon — is misappropriating bitcoin . If a critic makes this comparison in good faith, the focus is squarely on Kwon’s goals of acquiring and financializing BTC via an acquisition strategy to rival Satoshi Nakamoto’s holdings. Similar to MicroStrategy’s goal of endless BTC acquisition, Kwon’s Luna Foundation Guard aimed to acquire more than one million coins. In 2022, however, the plan failed spectacularly. MicroStrategy’s BTC-buying tactics have been compared to Do Kwon’s own from 2022...