On March 31, Strategy (formerly MicroStrategy) made headlines with a $2 billion Bitcoin purchase, boosting its holdings to 528,185 BTC—more than 2.5% of all existing Bitcoin. While Michael Saylor is often praised as Bitcoin’s staunchest supporter, his outsized influence and centralized control over such a large share of BTC has sparked debate about whether he poses a threat to the decentralized ideals of Bitcoin.

Saylor has positioned himself as a Bitcoin evangelist, urging governments and institutions to adopt it, comparing it to gold or Manhattan real estate in value, and pushing MSTR stock as an on-ramp to Bitcoin exposure. However, critics argue that his strategy is at odds with Bitcoin’s roots, which emphasize decentralization and independence from financial institutions. His advocacy for U.S. dominance in Bitcoin and support for USD-backed stablecoins also raises eyebrows among purists who see this as a return to traditional financial control.

Concerns about a potential “rug pull” are fueled by the sheer volume of Bitcoin held by Strategy. Though Saylor claims he never intends to sell, skeptics fear that if the company were forced to liquidate—due to market pressures or debt obligations—the impact on Bitcoin’s price could be catastrophic.

Strategy’s Bitcoin holdings are verified, with 96% of addresses identified and assets held by Coinbase Prime and Fidelity. Yet doubts persist about the long-term sustainability of its accumulation strategy. With $44 billion in Bitcoin and $8.2 billion in debt, the company’s future depends heavily on BTC’s continued rise. If prices crash or the market tightens, Strategy’s position could become vulnerable, especially as buying additional BTC becomes harder due to increased costs and reduced market liquidity.

Despite legal controversies, including a $40 million tax settlement in 2024 and MicroStrategy’s historic financial missteps during the dot-com era, Saylor remains influential. He holds over 46% of Strategy’s voting power, which could shield the firm from forced liquidation—at least until 2027, when its first convertible notes mature.

For now, Strategy’s Bitcoin stash looms like a potential pressure point for the market. While some fear the risks of centralized ownership, others maintain that Bitcoin’s decentralized nature means no single entity can ultimately bring it down—even if Saylor’s company ever sells.