An on-chain analyst, Ki Young Ju, made a post on X that has reignited discussions about MicroStrategy Executive Chairman Michael Saylor's Bitcoin strategy, calling it a methodical "hacking" of U.S. capital market liquidity into the crypto ecosystem.

"Saylor hacked the U.S. capital markets and rerouted liquidity into #Bitcoin,” Ju posted on X, referring to MicroStrategy's operations as a perpetual-motion engine that uses volatility. It is receiving a lot of reactions on trading desks and in crypto circles as Bitcoin is emerging toward new all-time highs.

Ki Young Ju is the CEO and co-founder of CryptoQuant, one of the top on-chain data analysis companies that provides real-time data and information on cryptocurrency markets.

In 2020, MicroStrategy, managed by Saylor, began buying Bitcoin and currently holds approximately 4,020 BTC, making it the largest public company holder of the asset.

Although Saylor is no longer CEO, he remains at the forefront of the company's Bitcoin strategy. MicroStrategy has raised this investment through several rounds of convertible debt financing and is treating Bitcoin purchases as a long-term investment within its treasury reserve.

Ki Young Ju's remarks followed a recent shift in market sentiment, as institutional and sovereign parties were back focused on digital assets.

Saylor's background was very much at the forefront in championing this shift in Bitcoin strategy, providing a template for other companies to adopt Bitcoin-backed investment treasury models.

While supporters believe the plan is gutsy and innovative, some critics warn of the risks involved.

"It works until the float of stock in the stock loan market dries up and CB desks cannot hedge their day1 delta position to lock in the profit," said Nathan Lee, who has been a Wall Street trader, noting concerns with potential liquidity and hedging issues.

Michael Saylor 'hacked' US capital markets, claims top analyst first appeared on TheStreet on May 28, 2025