Major crypto supporter & tech billionaire Mark Cuban has reportedly sold most of his bitcoin because “it didn’t act as an inflation hedge” during a time of crisis, which we have now due to Trump’s war on Iran. The Trump tariffs haven’t helped crypto/bitcoin, contributing to higher mining & maintenance costs with higher interest rates.
In the past few years there has been a massive wave of consolidations, layoffs & bankruptcies in the crypto industry. The narrative of bitcoin as “decentralized finance” has now been proven a fiction, as a few billionaires control bitcoin and through it the entire crypto industry. The derivatives market is manipulating bitcoin’s price through futures betting. Bitcoin is so thin on liquidity (meaning no one wants to buy it) that derivatives traders can now control the price (exert downward pressure) through shorting.
When we speak of crypto, and bitcoin in particular, it’s very important to understand that it’s a handful of billionaires & financial swindlers that are running the entire show. Adam Back is Satoshi Nakamoto, the largest individual bitcoin holder with an estimated 1.1 million bitcoins. Adam Back is the crypto king because he acquired his bitcoin at the lowest cost, before most people ever heard of bitcoin.
Michael Saylor’s Strategy & Blackrock ETF each hold ~818,000 bitcoins according to Google. Michael Saylor has paid ~$76K per bitcoin, which makes his financial position more precarious because he levered-up so much to acquire his stash, and has virtually no equity at this point with bitcoin currently at ~$77k. His borrowing costs are huge compared to Adam Back. Blackrock also bought high on bitcoin.
Crypto exchanges Coinbase (~958,000 BTC) & Binance (~634,000 BTC) rule the industry through their bitcoin holdings, which gives legitimacy to everything crypto– according to Kool-Aid drinkers. Interestingly, the US government holds ~328,000 BTC through seizures, while the Chinese government holds ~190,000 BTC.
Elon Musk’s SpaceX, according to its IPO disclosure just made public, holds 18,700 bitcoins purchased at ~$35k each. Tesla currently holds ~11,500 BTC, after Elon Musk sold 75% of Tesla’s bitcoin stash in July 2022 at a huge loss in order to cover costs.
And finally, Trump Media originally acquired 11,542 bitcoins at an average price of $118,522, which Trump Media is now dumping at a huge loss. What does that tell you?
Recall that president Donald Trump stated (over & over) he wanted Fed Chairman Jerome Powell gone because he wouldn’t lower interest rates– which is what the crypto industry always wants. Now Trump has ignited global inflation, and new Fed Chairman Kevin Warsh whom Trump handpicked has already been told by the bond market that interest rates must go up again– soon.
Credit is being tightened mostly for consumers & small businesses in need. The coming taxpayer bailout will be for the rich who caused all this mess. Pundits will proclaim with heated exasperation, “Who could have predicted all this?”
Wed 27 May 2026 11:00 AM CDT
Addendum: Huge outflows on Blackrock’s ETF. Meanwhile, Michael Saylor’s Strategy is burning through cash to pay his debts, after claiming bitcoin would now be trading at $40,000-$50,000 if he hadn’t been making such huge buys. In other words, one person has been propping up this entire house of cards.
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