https://fortune.com/2022/05/11/bitcoin-whale-michael-saylor-defuse-fears-over-microstrategy-margin-call/There may be some very weird very bad days ahead. Bitcoin is finally plummeting. For a while I worried this would cause some systemic risk because you had these hacker dudes who mined a bunch of bitcoin under $100 who now had many millions, then sold the bitcoins to buy real estate and then mortgaged the homes, took the cash from the loan and put it back into bitcoin. So now the housing market is being propped up by gains in a ponzi scheme, but the gains went back into the ponzi scheme via a loan.
Now I'm reading the crazy ass story listed above where this dude decided he wanted to have his company buy a whole shit load of bitcoin. The company wasn't making enough cash to buy the amount of bitcoin he wanted so he took out a 200 million dollar loan to buy a bunch of bitcoin.
If bitcoin crashes, he gets a margin call, can't repay the loan, and a real world company collapses because the CEO used it as a shell to gamble in a ponzi scheme. Not only that, the bank that lent him 200 million is going to have a fun time explaining that to their shareholders.
Then you have things like Ecuador buying up a shit load of bitcoin, so we are talking about the collapse of a medium level country's government.
This is infecting the stock market too. These same bitcoin douches who think that there is a perpetual motion machine driving things up without actual products and growth, that we can just sit around on our couches and "invest" and end up with houses and porsches without anyone actually building the houses and Porsches, took their funny money balance sheets of bitcoin, with the blessing of dumbass brokerages (real ones like Fidelity and scammy ones like Robinhood) and levered up the margin on stock portfolios. This drives up stock prices but when the first balloon pops and people get the margin calls, the house of cards go boom.
Buckle up.