Max Keiser asserts that the market is currently witnessing the formation of another blow-off top in Bitcoin, primarily driven by numerous corporate treasuries worldwide adopting a strategy of leveraging debt to acquire Bitcoin. He predicts that the subsequent correction, typically observed at 10-15%, will escalate to a more severe 30-50% due to the inevitable unwinding of these corporate positions. Michael Saylor, a prominent Bitcoin advocate, is noted for anticipating Bitcoin's potential price movement from $220,000-$250,000 down to $180,000. Keiser frames the existing global financial system, characterized by central banks and nation-states, as a Ponzi scheme approaching its 'endgame,' thereby increasing the intrinsic demand for Bitcoin. He references Michael Saylor's projection of Bitcoin reaching $13 million per coin, explaining this by the compression of a $400 trillion total addressable market into Bitcoin's fixed supply of 21 million units. While acknowledging a potential bullish ascent to a blow-off top for Bitcoin, Keiser's primary concern lies with the subsequent drawdown. He warns against corporate strategies involving Bitcoin, such as MicroStrategy's, arguing that they re-unite money with the state, contradicting Bitcoin's fundamental mission. He highlights the inherent risks of owning stock in companies heavily invested in Bitcoin, including management, regulatory, market, and competitive risks, which are circumvented by direct Bitcoin ownership. He notes the historical recurrence of the 'four-year cycle' in Bitcoin, predicting its continuation despite prevailing market sentiment to the contrary. He projects Bitcoin to reach a peak around $250,000 before a significant correction, with MicroStrategy's stock value likely to mirror Bitcoin's performance, targeting $150.00 in a bearish scenario for MSTR.