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Michael Saylor and Adam Back oppose BIP-110, arguing the fork risks invalidating legitimate transactions and undermines Bitcoin's permissionless ethos. Saylor called spam less dangerous than the fork itself.
A rift exists between cypherpunks demanding self-sovereignty and pragmatists following Michael Saylor. Held points out most people cannot manage private keys. To reach a $100 trillion market cap, Bitcoin must exist on legacy financial rails.
Dixon claims Michael Saylor's strategy creates an arbitrage vehicle to manipulate Bitcoin's short-term price and centralize holdings.
He notes Michael Saylor has a fixed 10-13% cost of capital. If Bitcoin's growth rate falls below that hurdle, MicroStrategy could face liquidity pressure.
Michael Saylor sold $400 million of MicroStrategy stock via a pre-existing 10b5-1 plan to address personal debt and increase his private Bitcoin holdings.