- Michael Saylor said in a conference that he advocated for people not to sell their Bitcoin, but he never said that his company wouldn’t sell them.
- The statement evoked a sharp response from the community, many of whom saw him as a Bitcoin maximalist.
- Bitcoin remains stable despite current bearishness in the crypto markets. It held its $61k support at press time.
- Institutional analysts expect Bitcoin to surge towards $200k by year’s end.
Michael Saylor Backtracks from His Aggressive Stance on Bitcoin
In a statement now seen as controversial, Strategy Chairman Michael Saylor said he never said his company wouldn’t sell bitcoins; rather, he advised the public not to sell their Bitcoin. The statement comes after years of Saylor advocating that people not sell their bitcoins.
Recently, Strategy sold 32 BTC in what appears to be a test transaction, although the company had said it was to pay dividends.
However, the company purchased 1,550 BTC shortly after at a cost of $101 million.
Community Criticizes Saylor
The crypto community reacted strongly to Sayor’s statements because he was seen as a key opinion leader and a leading Bitcoin maximalist. Users have pointed out double standards in his actions, calling them very different than what he used to “preach”.
Is the Era of Bitcoin Coming to an End?
Bitcoin, in particular, and crypto markets in general, are at a critical point, facing unprecedented uncertainty due to factors including a liquidity crisis, inflation, geopolitical conflicts, and other issues.
However, Bitcoin has held $63k (down from $78k) for the past week despite market turbulence. We assume there is a strong bottom near $61k, below which it might not slide this year.
Positive predictions also target up to $189k for Bitcoin this year, while bear market estimates are significantly higher at $78k.
In conclusion, Bitcoin might not see a worse market this year, and the hopes for a recovery are far better. Citibank and Standard Chartered estimate that Bitcoin could see higher retail adoption following the Clarity Act in both spot and ETF markets, suggesting the next leg of a market rally would be driven by retail investors.
Disclaimer: BFM Times acts as a source of information for knowledge purposes and does not claim to be a financial advisor. Kindly consult your financial advisor before investing.
