In the latest crypto news, this article from CoinDesk on Monday June 1, set off a rush to exit in bitcoin. It reads, “Michael Saylor’s Strategy sold 32 bitcoin for $2.5 million to fund dividend payments. The 8-K filing Monday says proceeds from the May 26-31 sale, executed at an average price of $77,135 a coin, will fund distributions on Strategy’s preferred stock.”
For context, bitcoin had “stabilized” at ~$73k for a few weeks, until this news hit. I still wonder how Michael Saylor got $77k for his bitcoin which was selling at $73k, but that’s perhaps only a trivial matter. The bigger story is that bitcoin has been falling ever since and is now hovering ~$60k with little industry hope for a recovery.
It’s incredible to know that someone who holds over 843,000 bitcoins can spook the entire crypto market to such a degree when he sells 32 bitcoins. I previously outlined the latest issues involved & billionaire nervousness with bitcoin, which centers around Michael Saylor fanatically buying bitcoin at an average price of $76k.
Strategy’s monthly stock dividends are becoming unpayable for Michael Saylor, who has hundreds of billions of dollars in debt. It’s a fact that the richest people in the world are often financially underwater, and therefore not rich at all. They just have infinite credit, which is nice.
Once Strategy sells more bitcoin (and Michael Saylor will have to) that will become an existential crisis for bitcoin/crypto. The US stock market keeps hitting records highs, but a crypto crash threatens to bankrupt everything. Hedge funds, venture capitalists, big banks, corporations, and Donald Trump & family are all invested.
It’s important to remember that every business Trump has led: casinos, the USFL, Trump University, Airlines, etc, has gone bankrupt. His latest venture is the crypto exchange Trump Media & Technology Group (TMTG), which is tobogganing towards bankruptcy, as is the US Treasury under his second term as American president.
Trump tariffs (April 2025) have played a huge role in this impending insolvency, while his war on Iran has reached a level of surrealism, as the Iranian national team has just been allowed visas (by the Trump administration) to play in the World Cup. Iran’s national soccer team will play matches in Los Angeles & Seattle later this month, and it’s hard to imagine this happening in WW2 or any other serious conflict.
Russia isn’t allowed to compete in any international competition (Olympics, World Cup, etc) since it was provoked by Western imperialism to invade Ukraine in early 2022. Allowing Iran’s soccer team visas only proves this war on Iran isn’t serious, from a US perspective. Zionist Israel is taking it far more seriously, as they absolutely would not allow Iran to compete if they were hosting the event.
Competing ideologies among ruling elites is what makes this so murky. Trump wants to end the Iran war, as it’s hurting him and his party in the mid-terms to come, but the Democrats & Netanyahu won’t allow that. Trump can’t withdraw without victory, his ego, and more importantly– imperialism– won’t allow that.
US imperialism cynically insists on the government of Iran turning over its enriched uranium, which BTW Iran is allowed to have for peaceful purposes. There is nothing illegal about Iran having enriched uranium, as nuclear power is used globally, even by countries that don’t have nuclear weapons– such as Canada.
Nuclear bullying & misinformation are favorite strategies of US imperialism & its corporate partners, especially those in arms manufacturing. There’s so much profiteering going on, and all these entities are addicted to it, so it can’t be stopped. Halting this madness would be ‘bad for the economy’, pundits advise from their ivory towers.
That’s the logic of late-stage capitalism in its death throes. Reckless speculation, heavy spending & debt loads, media propaganda, and unlimited access to credit for those too-big-to-fail. Of course there are no rules that apply to this elite class. They are above the law, and in fact they are the law. They control the police & ICE, the DOJ & the courts, the department of corrections, the corporate media, and the two-party system. It’s why the Jeffery Epstein clients are all still at large, while activists, artists, leftists, students, rank-and-file labor organizers, anti-genocide protesters, etc, are the domestic targets of capitalist imperialism.
This layered look at our modern political economy reveals a corrupt web of lies & crimes against peace & humanity. The question all serious people are asking is: What will be the catalyst for the collapse of this massive house of cards? I believe it will be bitcoin, for all the reasons I’ve analyzed for years now. Crypto has more potential to explode into catastrophe than any other industry, primarily because it’s fake to the core. We have a massive fake economy that has been built around, and taken the profits from, the productive labor of those who do the real work, and bitcoin is the crystallization of phony.
Health care workers, educators, factory & construction workers, secretaries & janitors, etc, are the working class that produces all the economic value to society. The billionaires are the parasites, who employ a semi-educated upper-middle class of minions & bureaucratic functionaries to do their bidding. These are union representatives, upper level management in corporate, university faculty, etc. This educated class is assigned with the task of containing the working class & youth by isolation and keeping them in the dark politically. Identity politics is an ideology of isolation through half-truths, and it is the flip side of right-wing white supremacy, sexism, homophobia, anti-semitism, etc.
All this can be thrown into the dustbin of history when bitcoin crashes. As a crypto skeptic from the start, I’ve always advocated that bitcoin will eventually go to zero. Crypto is simply an elaborate, computerized Ponzi scheme.
But bitcoin doesn’t need to go to zero anymore for the crypto industry to crash & die. As discussed in an earlier piece, not all bitcoin holders are created equally. Satoshi Nakamoto/Adam Back has a large stash of cheap bitcoin, which he hoarded from the start because he invented bitcoin. It’s those who have bought at $90K/bitcoin and above who are wiped out. That price level isn’t returning, ever.
The real number for bitcoin to be worthless is far above zero. This has to do with the crazy accounting in high finance these days, which I will confess I don’t completely understand– nor do I want to. I know enough already. It’s entirely based on speculation & leveraging debt, with fundamentals such as use value, profitability, stability, etc, being thrown out the window. Capitalism is no longer serious about anything it has claimed to make it great in the past.
Innovation & artistry have been stifled by billionaire capitalists who have hijacked the internet and everything else of value for their own fascist agenda. The are all partners with the NSA, FBI, CIA, ICE, etc. I predict bitcoin will be where the buck stops for the international working class, because this crash will be so fast, so sudden and “out-of the blue” that heads will be spinning– as will political pundits of all bourgeois stripes. Everything happens faster in crypto, as it’s part of the addiction for the original Kool-Aid drinkers.
The crypto kill price for bitcoin is probably closer to $20k. At this level, virtually everyone in bitcoin will be wiped out, except Adam Back/Satoshi. It’s like when you win at Monopoly. Once the winner has everyone’s money, the game is over and it’s time do something else.
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