“庞氏骗局”：萨勒的策略推出新的股息政策，引发批评

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Strategy's most recent dividend-focused move is receiving more and more criticism, some analysts have openly compared the structure to a Ponzi scheme.

The controversy comes at the worst time, because Bitcoin is in a bearish position and ecosystem-wide leverage is still high, raising questions about sustainability.

Strategy behind Strategy

The company's strategy has always relied on aggressive Bitcoin accumulation funded by debt and equity offerings. Another layer of pressure is created by the new dividend policy, which is marketed as a means of stretching income, but actually creates a recurring cash commitment, while the underlying asset Bitcoin is still volatile and far below recent highs.
Paying large dividends while depending on market-driven appreciation, according to critics, creates a vicious cycle in which new capital might be needed to maintain the balance sheet and shareholder expectations.

The timing is problematic from the standpoint of the market. The price of Bitcoin is trapped below important moving averages on its daily chart, and the 100- and 200-day trends are still declining. Recent triangular formations indicate indecision rather than strength, and attempts to stabilize have only resulted in temporary consolidation.

Relying on Bitcoin heavily

Instead of emphasizing confident accumulation, high volume spikes during drops emphasize defensive positioning. Strategy's sizable treasury position may experience more mark-to-market stress if Bitcoin is unable to recover significant resistance zones.

Because returns seem to be becoming more and more reliant on constant inflows, critics have compared the structure to a Ponzi scheme, though this isn't necessarily because it fits the strict definition.

According to this perspective, dividends might appear less like an organic yield and more like a mechanism that needs fresh funding or rising asset values to stay afloat. Raising capital may become more costly, and debt refinancing risks would become significant if cryptocurrency sentiment continues to decline.

Proponents argue that the approach is still straightforward: structured financial engineering combined with long-term exposure to Bitcoin. According to their argument, past downturns have ultimately rewarded patience, and volatility is only temporary.

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source: https://www.tradingview.com/news/u_today:17733dce7094b:0-ponzi-scheme-saylor-s-strategy-s-new-dividend-policy-raises-criticism/