Are Bitcoiners Making A Mistake Supporting ETFs and Crypto Reserves? Max Keiser Weighs In

Key Insights:

• Bitcoin maximalist Max Keiser has recently drawn attention to the trend of companies opting for Bitcoin as a reserve asset.
• Keiser believes that these companies are not battle-tested like Saylor’s Strategy.
• This trend could either trigger the next bear market, or lead to a legal seizure of Bitcoin in state-level crackdowns.

Bitcoin continues to move away from being strictly defi-related, into the portfolios of major corporations. Amid this development, Bitcoin maximalist Max Keiser is raising a red flag. 

The crypto commentator is now warning that the recent surge in Bitcoin treasury strategies, which are modeled after MicroStrategy’s BTC playbook could be a ticking time bomb. 

Newcomers Unproven and Overexposed?

Keiser’s main warnings are related to the rise of companies adopting Bitcoin as a treasury reserve. These companies are inspired by MicroStrategy co-founder Michael Saylor’s aggressive Bitcoin acquisition strategy. 

Because of this inspiration, said companies are aiming to safeguard their assets from inflation while riding the wave of BTC growth. However, according to Keiser, there is a big difference between Saylor’s battle-tested approach and the unproven commitment of these newer firms.

“Saylor never sold and just kept buying, even when his BTC position was underwater,” Keiser said in a May 30 post on X. “It’s foolish to think the new Bitcoin treasury clones will have the same discipline.”

The @Strategy clones have not been tested in a bear market.@saylor never sold, and just kept buying, even when his BTC position was under water.

It’s foolish to think the new Bitcoin Treasury @Strategy clones will have the same discipline.

— Max Keiser (@maxkeiser) May 31, 2025

Keiser believes that these companies may fold under pressure if the market faces another severe downturn. These companies, without a proven track record, could be quick to liquidate their holdings.

When this happens, the market might crash further.

Corporate FOMO or a Risky Trend?

The success of MicroStrategy, now rebranded as Strategy, has undeniably been the inspiration for these companies. After the company’s stock surged to an all-time high of $543 in late 2024, dozens of firms started to jump on the Bitcoin bandwagon.

Some, like Strive Asset Management (co-founded by Vivek Ramaswamy), announced new Bitcoin treasury policies as recently as May of this year. Others, like Trump Media and Technology Group (TMTG) went even further to raise $2.5 billion to fund its Bitcoin purchases.

In essence, this trend is not only institutional, it has already become political.

Because of this sudden wave of corporate Bitcoin adoption, some analysts like Keiser are warning that if left unchecked, over 50% of all BTC supply could eventually be controlled by companies. That would create dangerous levels of centralization and could lead to problems in the long term.

Keiser Warns About The Return of State Control

While companies triggering (or worsening) a bear market is an issue, Keiser is more worried about the political aspect of things.

He warns that as Bitcoin mingles further with corporate and institutional finance. This is especially via custodial ETFs and corporate treasuries, it could become an easier target for state-level crackdowns.

Question:

Are we maybe making a mistake by reuniting Bitcoin with state?

Since the primary value proposition of Bitcoin is separating money from state.

What are people’s views on this? https://t.co/SeDf8ALTUx

— Max Keiser (@maxkeiser) July 16, 2025

“People aren’t fully appreciating how subversive Bitcoin is,” Keiser explained. “It’s rug-pulling central banks and nation-states.”

In his view, Bitcoin’s value proposition lies in its ability to separate money from the state. However, as more Bitcoin is held by centralized custodians or wrapped into institutional products, it loses that edge.

He drew a parallel to historical government actions like the U.S. gold confiscation under Executive Order 6102 in 1933. If governments begin to feel that Bitcoin poses a threat to fiat currencies or national economic stability, they could move to seize assets.

And they will likely start with the Bitcoin that isn’t held in self-custody. Keiser’s message is simple and has been a rallying cry within the Bitcoin community for years: “Not your keys, not your coins.”