The Saylor Paradox: When Buying Bitcoin Breaks Bitcoin

“We Can Buy More Bitcoin Than the Sellers Can Sell”

It’s a statement that has echoed across social media with religious fervor. Michael Saylor, the executive chairman of Strategy (formerly MicroStrategy), has become the de facto high priest of Bitcoin maximalism, and his congregation is devout. 

His company now holds 761,068 BTC — approximately 3.6% of all Bitcoin that will ever exist — acquired at an average cost of $75,...