According to Odaily, cypherpunk pioneer Adam Back said that negative market views toward Strategy and its preferred stock STRC are not well founded. In his view, what Strategy is doing is essentially selling Bitcoin to pay returns linked to its preferred stock, rather than changing its broader Bitcoin reserve strategy. Back said the FUD surrounding MSTR and STRC has been overstated, and rejected the idea that Strategy will “go to zero.”
Back further argued that Strategy is showing the market a new financial model: using Bitcoin to pay returns to investors while also lowering debt ratios. He said the company’s long-term value lies in continuing to hold Bitcoin and in helping the market understand Bitcoin’s monetary attributes. He also described a future in which Bitcoin can serve as an alternative asset to cash for corporate treasury management and capital operations.