[Digital Today reporter Yoonseo Lee] Economist Henrik Zeberg criticised Strategy Chairman Michael Saylor's bitcoin accumulation strategy, saying it would ultimately end in a catastrophe.

On June 11, blockchain media outlet U.Today reported that Zeberg reinforced pessimism that Saylor's debt-based bitcoin accumulation strategy would ultimately lead to disaster.

The warning came as pressure on Strategy has grown following a recent market plunge. Bitcoin slid from about $82,000 in early June to the $62,000 to $63,000 range in about two weeks. Strategy, which has promoted a bitcoin treasury strategy, posted an operating loss of $14 billion in the first quarter of 2026. The loss stemmed from unrealised valuation losses on its holdings.

Strategy currently holds a total of 845,256 bitcoin. The company's decision to dispose of 32 bitcoin has heightened investor anxiety, and some in the market have suggested it may be losing the capacity to keep accumulating.

Criticism is also rising again over a structure that uses borrowing to buy volatile assets. Prominent bitcoin sceptic Peter Schiff has strongly criticised Strategy's aggressive financial operations. He said, "Strategy will ultimately hit its limits," and believes it may have to sell bitcoin to survive. Canadian billionaire and mining finance industry figure Frank Giustra has also criticised Strategy in the past, calling it a "giant Ponzi."

Others argue such warnings are excessive. They cite that Strategy's debt structure is not subject to collateral requirements linked to mark-to-market valuations, meaning lenders cannot force margin calls or fire sales. Some also say Strategy has multiple tools available in how it manages capital.

Saylor recently cited global capital flows as the reason behind bitcoin's sharp fall. He said large funding rounds totaling around $400 billion raised last week by major tech companies such as OpenAI, Google and SpaceX triggered a reallocation of capital in the market. Market participants are raising cash across assets to take part in large initial public offerings, he said, and bitcoin is being hit in the process.

In this way, the debate around Strategy is moving beyond a simple price decline to the sustainability of debt-fuelled bitcoin treasury strategies. Whether the recent drop proves a temporary shock or warnings that Saylor will "eventually collapse" become reality is likely to depend on both Strategy's capital management and bitcoin's price trend.

Good Luck with those "BTC to 10M USD" dreams.@saylor is going to be the great villain in this Crash. He will be crushed. People really don't analyze....! Enjoy the BTC Bounce. pic.twitter.com/WWomzvX9qV