🚨"Bitcoin Believers" Company Might Also Fall Into Structural Traps?

Recently, the controversy surrounding MicroStrategy (now Strategy) has become increasingly intense, with some market voices even outright 👇
👉 This model is heading toward a "death spiral" ⚠️

💡 Where is the problem?
The core is actually quite simple 👇
👉 The company is aggressively hoarding Bitcoin
👉 But is issuing high-yield preferred stock (STRC) to raise funds
And these preferred stocks 👇
👉 Have an annual dividend yield of up to 11.5%
👉 Require "continuous cash flow" to pay 💸

📊 The contradiction arises:
• BTC itself does not generate cash flow
• But dividends are "rigid expenses" 👉
👇 This creates a key conflict 🧠
Assets are "long-term bets on price," liabilities are "short-term cash needs"

🧠 Market critics (like Peter Schiff) have a very direct core view:
👉 This model has only two paths 👇
1️⃣ Sell BTC → exchange for cash to pay interest
2️⃣ Keep issuing new STRC → find new funds to take over
👉 Does that sound familiar? ⚠️

📊 How big is the current scale?
• Holding BTC: about 815,000 coins
• Recently reinvested: $2.54 billion to continue buying
• STRC financing: about 50,000 BTC scale
👉 In other words 👇
Leverage is amplifying, debt is snowballing

📈 The positive side (don’t ignore it):
• Continuous BTC purchases → strengthen long-term market confidence
• Institutional-level "extreme optimism" demonstration effect
• In a bull market, this model could be amplified into a positive cycle 🚀

⚠️ But the risk is the key:
• Once BTC stops rising or even falls → cash flow pressure explodes
• Dividends cannot be covered → may be forced to sell coins
• Market confidence wavers → affects company stock price and even BTC sentiment
• Essentially, there is a "dependence on new funds" structural problem

🧠 My core judgment:
This is not a scam, but it is indeed a 👇
👉 Highly dependent on the market continuously rising financial structure

📌 The most important point:
👉 During an uptrend, it acts as a "amplifier"
👉 During a downtrend, it could become a "downward accelerator"

📌 In one sentence:
Strategy’s model is essentially "betting on Bitcoin rising with high-cost debt" — as long as the market continues to rise, it’s a legend; once it stops, this structure will start to backfire ⚖️