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2026-08-04 14:11:55 +02:00

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Operation Saylor - Episode 49/120

Hi again and welcome to another episode of the Operation Saylor. This is update number 49, corresponding to July 2026.

If you are reading this for first time, you might want to check Episode 1, where my plan and details are explained. That will get you in context.

Stats

  • BTC stack: 1.17496209BTC
  • € stack: 322.40 €
  • Current total value in €: 67,295.24 €
  • € into BTC: 30,000 €
  • Paid back to bank: 17,577.60 €
  • Outstanding debt + interests: 26,366.73 €
  • Installments to go: 72

Charts

episode-49-bitcoin-stack.png

episode-49-stack-value-vs-debt.png

Log

Hello again and welcome to another episode of Operation Saylor. It's been a long while since I posted around here (a year, actually). Truth is life keeps getting in the way. I must also confess that, as episodes passed, I eventually realized I didn't have enough interesting things to share or discuss every month, so my motivation to stick around also decreased.

Nevertheless, I decided to make a small effort and write this one since it's a special time: this month we've gone through Operation Saylor's fourth anniversary. I am now 48 months deep into this 120 months long journey. Four years ago I pulled the trigger and took out the loan that started everything.

Let me begin by briefly examining the state of the operation. Am I winning?

I would say so. This year has been a roller coaster, with the exit value (a reminder on what that is here) starting real high then dropping all the way to ~50.000€, where it is sitting at now, as the price of Bitcoin plunged. The bear market hit hard, but current price is so far away from the cost basis of this gamble (~20.000€/BTC) that I can't feel anything anymore. The result feels truly invencible in a way, and the only discussion is if the profit will be in the order of gazillions or bazillions.

So, summing it up, going long Bitcoin and short fiat can be a very profitable endeavor. And the fruits taste really sweet.

Having covered the financials... there is something else that doesn't taste as sweet. Well, it started tasting sweet and now has gone kind of sour. That is the name of the Operation: Saylor.

Michael Saylor entered the Bitcoin space like a meteorite in 2020. In the midst of the COVID chaos, this software CEO becomes enlightened, breaks free of all Wall Street financial dogma and shoves all his treasury into Bitcoin. Plus, he starts walking around explaining the rationale of his move and, to anybody who listened carefully, demonstrates he has done some proper homework. He understands Bitcoin well, and because of that he is confindent enough to row against the tide and do something that any other normie executive would have been scared to death.

Many Bitcoiners fell in love with him fast. He knew his shit and put his money were his mouth was. He carried the aura of the powerful industrialist and merged it with the Bitcoiner fight for property rights and protection from government theft via inflation. He was the good old stacker, but playing in the field of the billions instead of the thousands.

I personally enjoyed a lot his arrival. He had interesting discussions in many podcasts from which I learned plenty. And his decision to do leverage to some degree felt like a giant Hercules had joined the speculative attack, both validating it as a concept and also adding momentum to its flywheel.

I liked the story enough that I dubbed this little play of mine after him. For, scales aside, we were playing the same game.

But a lot of time has passed and heroes, like copper statues, age badly and turn ugly.

I can't put my finger on when things started to go south exactly. But nowadays I see the man, and I get disappointed every time he opens his mouth. Shitting on BIP110. Rejecting anything similar to a proof of reserves. Flip-flopping with the whole "never sell" stuff. Juggling weird financial products instead of sticking to the simple recipe (borrow money, buy Bitcoin). Fucking hell, the other day he retweeted some bullshit about MSTR stocks being available on some weird market built on top of Solana. Way to go Mickey.

I honestly don't think Microstrategy is going to go belly under like many others say. They still have a gazillion Bitcoin and little debt relative to it. Figures are not great now that we're far from the top, but it wouldn't take much of a price increase for that to improve. Should they not continue down a path of complicating their financial schemes, they will probably hit a decent jackpot in terms of profit in a few years.

But whatever success Microstrategy might collect out of their gamble won't fix the fact that Saylor has clearly parted ways with the values of the Bitcoin ethos and has decided to persist in stupid fuckery. Unfortunately, that makes the name of this series of mine resemble one of those tatoos that people end up regretting. Like when a guy puts his girlfriend's name on his arm only to find her in bed with someone else two months later. I guess that, just like gullible young men must go through the ritual of regretting their poorly chosen forever ink scars, so I'll have to learn my lesson about naming articles.

I'll cut here. Thanks for sticking around all this years. I hope you are passing through this bear market without more pain than needed. As always, thanks for reading and I'll see you around soonTM.

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