Michael Saylor, founder of Strategy, has criticized high-leverage crypto exchanges, describing them as "poison" for the market. In a November 21, 2020 interview with Wave Digital Assets, Saylor condemned leverage levels ranging from 20x to 125x, likening them to "drug dealers lacing drugs with fentanyl." He warned that such practices not only harm customers but also invite regulatory scrutiny. Saylor further criticized unregulated exchanges for operating with a "casino" mentality, attracting individuals seeking quick wealth. He emphasized the dangers of excessive leverage, suggesting it could lead to significant market instability and regulatory crackdowns.