If Saylor collapses, does Bitcoin rise? The truth about the Strategy witch hunt and the delusion

Summary

In this Crypto PLUS segment, SmashFi CEO Baek Hoon-jong argues the recent panic around Strategy (MSTR) and its preferred stock STRK is a witch hunt. He presents STRK's dip below $100 as a yield-and-reversion buying opportunity, calls MSTR common stock undervalued relative to its 850k Bitcoin holdings, and maintains a long-term bullish Bitcoin thesis tied to inevitable money printing in either AI success or failure scenarios.

• STRK fell to $82 on leveraged unwinding but offers an attractive dividend and a path back to its $100 par value.
• An expected dividend increase to 12–13% in June could further draw long-term capital into STRK.
• MSTR selling 32 BTC is exaggerated; other Bitcoin treasury firms are actively accumulating, absorbing any supply.
• MSTR common stock is undervalued compared to its 850K BTC holdings, with low leverage and a 7-month cash reserve.
• Bitcoin's current weakness comes from crypto ETF outflows and capital rotating into AI stocks and IPOs.
• Whether AI succeeds (causing credit stress) or fails (triggering recession), both outcomes lead to money printing, which ultimately benefits Bitcoin as a pristine hard asset.
• The K-shaped economy may reverse, redirecting capital back into Bitcoin and hard assets.
• The current criticism of Strategy and Michael Saylor is an overblown 'witch hunt' in the absence of other bear-market scapegoats.