Didier Zheng Explains: Could Strategy Enter a Death Spiral? What Lies Ahead for the Macro Economy in the Second Half of the Year?

Complied by | WuBlockchain

Original Link：

https://www.wublock123.com/articles/microstrategy-death-spiral-risk-macro-outlook-h2-2026-59118

In this episode of the WuBlockchain Podcast, we are joined by frontier technology investor Didier Zheng to discuss the recent Bitcoin downturn, changes to the financial strategy of Strategy (formerly MicroStrategy), the AI-driven rally in U.S. equities, crypto exchanges expanding into U.S. stock trading, and the macroeconomic outlook.

Didier argues that Bitcoin’s recent decline cannot be attributed solely to macroeconomic conditions or ETF redemptions. A key factor is that the market has begun pricing in the possibility that Strategy may continue making small, recurring Bitcoin sales to fund preferred stock dividends while adhering to its principle of maintaining a neutral amount of Bitcoin per share. Meanwhile, AI is reshaping the structure of the labor market, with tokens emerging as a new factor of production and supporting continued gains across the AI value chain in U.S. equities. The crypto industry, in turn, may gradually move beyond speculation in crypto-native altcoins toward real-world assets onchain, an onchain machine economy, and a more mature, industrialized stage of development.