The Chart That Proved Bitcoin’s Peak
It genuinely makes us cringe every time we hear Michael Saylor encouraging his followers to take out margin loans, home-equity loans, second mortgages, credit lines, credit-card loans, and student loans—essentially any form of leverage imaginable—to buy shares of Strategy (MSTR).
Exactly one year ago, NIA released an alert entitled “The Only Bitcoin Chart That Matters.” Click here to read. In that alert, we highlighted the Bitcoin/TQQQ (NASDAQ triple-leveraged ETF) ratio, which stood at 1,267—far above its 7-year average of 705. This signaled with near certainty that Bitcoin was nearing a secular bull market peak.
At the time, NIA warned, “Bitcoin is nothing but a super-leveraged, risk-on asset and it is approaching the peak of the 2017 and 2021 bubbles.” That warning proved accurate. In April 2025, the Bitcoin/TQQQ ratio surged to a new all-time high of 2,133 (TQQQ executed a 2-for-1 split yesterday, so we adjusted the chart)—almost triple its long-term average. Today, the ratio has fallen to 922 yet still sits above its 8-year mean of 773.
This makes two things overwhelmingly clear:
1) Bitcoin has already peaked for this cycle and possibly for the next decade.
2) Bitcoin remains overvalued and is likely to decline dramatically in 2026.
In that same alert, NIA wrote: “It is very obvious that Augusta Gold (TSX: G) will be acquired, whereas nobody will ever consider acquiring MSTR at a valuation equal to 4× the NAV of its Bitcoin holdings. If you read the Solaris Resources (TSX: SLS) press release from yesterday and the quote from Augusta Gold (TSX: G) Executive Chairman Richard Warke at the bottom, he seems much smarter than Michael Saylor—like he actually knows what he is doing vs. Saylor purposely trying to create a financial crisis similar to 2008.”
Not only was Augusta Gold (TSX: G) acquired by AngloGold Ashanti (AU) at a huge premium, but Richard Warke has been executing perfectly at SLS. Since NIA’s alert: Michael Saylor’s MSTR has collapsed by 62.62%, while Richard Warke’s SLS has surged by 127.36%.
There’s zero credible evidence that Michael Saylor has ever demonstrated the kind of repeatable, operational, mine-building, cash-flow-compounding shareholder value creation that someone like Richard Warke is known for. Saylor’s entire career track shows something very different:
Saylor’s “Value Creation” = Financial Engineering + Narrative Pumping
• Balance-sheet leverage
• Convertible debt cycles
• Promo-driven multiple expansion
• Massive dilution
• Arbitraging investor psychology
He has transformed MicroStrategy into a synthetic Bitcoin ETF, not a firm with improving fundamentals. He has:
- Issued billions in convertible debt → to buy Bitcoin
- Used inflated MSTR equity as collateral
- Repeated the cycle with preferred shares ($STRC, $STRD, $STRE…)
- Created a structure where dividends are funded by future capital raises
This is capital-structure alchemy, not shareholder value creation. If anything, the structure resembles a financial flywheel requiring constant inflows. Saylor is an excellent storyteller, not a builder of durable assets or cash flow.
Compare this to Richard Warke’s Titan Mining (TSX: TI), a company supported by President Trump that is poised to become America’s first producer of flake graphite in more than 70 years.
Today, Titan Mining will officially be listed on the NYSE American exchange under the symbol TII.
Titan is NIA’s #1 favorite overall stock suggestion for 2026.
Past performance is not an indicator of future returns. NIA is not an investment advisor and does not provide investment advice. Always do your own research. This message is meant for informational and educational purposes only and does not provide investment advice.
