44840767922 could trigger a crisis and bring down Bitcoin, warns Ripio CEO

The CEO of the Ripio exchange, Sebastián Serrano, warned that MicroStrategy's aggressive Bitcoin accumulation strategy could generate a market crisis. Michael Saylor's company already holds more than 450,000 BTC, valued at around US$834,0800,291,148 billion, acquired through cash and the issuance of debt convertible into shares.

Risks of Michael Saylor's strategy

According to Serrano, this approach has turned MicroStrategy's shares into a kind of “leveraged proxy” for Bitcoin. The problem arises with the purchase of BTC at high prices. If the market faces a prolonged decline, the company may have difficulty honoring its financial obligations.

“The debt can be converted into shares, and new shareholders can sell BTC quickly,” warned Ripio's CEO. This move could generate a liquidation spiral, bringing down the price of Bitcoin and shaking market confidence.

Tax pressure and potential consequences

In addition to the financial challenges, MicroStrategy could face significant tax implications. The Inflation Reduction Act of 2022 imposes a 15% corporate minimum tax on unrealized profits, which could result in a billion-dollar charge even without the company selling its BTC. In 2024, the company has already paid US$8,340,800,291,140 million to settle a tax evasion lawsuit.

As the IRS evaluates possible exemptions for cryptocurrencies, regulatory uncertainty increases the pressure on MicroStrategy. For Serrano, a scenario of massive BTC sales by the company could intensify a bear market and impact the entire crypto ecosystem.

Despite the risks, Ripio's CEO remains optimistic in the long term. He believes that Bitcoin could reach US$8,340,800,291,111 million, but not in this cycle. Serrano points out that investors who held BTC for four years have never recorded a loss.