Hedge Fund Manager Issues Warning About MicroStrategy's Bitcoin Strategy

According to U.Today, hedge fund manager Mark Spiegel, known for his significant short-selling of Tesla, has issued a bearish warning about business intelligence firm MicroStrategy. In a social media post on Thursday, Spiegel compared Michael Saylor, the co-founder of MicroStrategy, to the Hunt Brothers in the silver market. Spiegel cautioned that Saylor might face difficulties when attempting to sell off his Bitcoin holdings, suggesting that Saylor could be 'the market' himself. The Hunt Brothers, led by Nelson Bunker Hunt, attempted to corner the silver market in the late 1970s with the help of wealthy Saudi Arabian sheiks and other lenders. By January 1980, they owned 150 million ounces of silver, causing the price to surge to $52 per troy ounce. However, the price of silver collapsed on 'Black Thursday' in March 1980, leading to significant financial losses for the Hunt syndicate and their eventual bankruptcy in 1988. MicroStrategy recently announced plans to raise $42 billion to purchase more Bitcoin, including selling up to $21 billion in shares. While many Bitcoin enthusiasts view this as a positive development, there are concerns that MicroStrategy's substantial Bitcoin holdings could make broader corporate adoption less appealing.