[skrbjc]

Basically a ponzi at that point

[gruez]

Bubble? Yes. Ponzi? No. The latter requires some element of deception/fraud. Strategy Inc. (formerly MicroStrategy) was basically something similar. They had $x worth of bitcoin in a vault, but were selling themselves for $2x.

[arcticbull]

Well they are raising capital to hand out in dividends on their preferred stock. So that's much closer.