A picture of Bitcoin in a green space
Michael Saylor Will “Dump Bitcoin Soon”, Analyst Warns
In Brief
- • An analyst has warned that Michael Saylor’s Strategy may dump Bitcoin as downtrend persists.
- • Industry critics have intensified their scrutiny of the company amid the broader market downturn.
- • A significant sale from Saylor’s firm could temporarily impact Bitcoin’s price due to its massive holdings.
Michael Saylor’s Strategy recently sold stocks to pay its investors and creditors as the crypto downtrend persists. A crypto analyst now warns that the company is about to sell Bitcoin as well, which can be devastating to the industry.
Crypto influencer Crypto Tony in an X post on 2 December said he has always had reservations about Saylor despite his initial claims to never sell Bitcoin. As uncertainties persist in the space, he expects Taylor and his company to dump bitcoin in addition to stocks.
Michael Saylor Faces criticism Amidst Market Downtrend
The seemingly endless crypto downtrend has affected many investors, one of which is Michael Saylor and his company, Strategy. Although he has not openly admitted it, the recent body language such as sale of stocks to pay off investors suggests that the pressure is starting to take a toll on the company.
As a result, some prominent figures in the industry have commented on the company’s condition. Crypto critic Peter Schiff had earlier referred to Strategy as a fraud that will go to zero regardless of what happens to Bitcoin in the future. This isn’t surprising as Schiff has been an unrepentant critic of Bitcoin, but there’s more.
A crypto figure and veteran trader Peter Brandt has called on the U.S. government to crash the price of Bitcoin to $30,000 for the sole purpose of liquidating Strategy, a company he referred to as a scam built on debt that will liquidate at that price.
More voices like Crypto Tony have joined in criticizing Saylor as signs of weakness continue to manifest. The company announced yesterday 1 December that it is launching a $1.44 billion USD reserve, which Peter Schiff says is an admission of anticipating Bitcoin’s continuous fall.
Michael Saylor Bitcoin Dump Could Hurt Market
Michael Saylor has always bragged about never selling Bitcoin and has stood on his words to this time, but what if he has to sell the asset eventually? That would bring much damage to the market, at least for some time.
According to data from River.com, the company holds 640,250 BTC representing 3% of bitcoin’s total supply. By dumping a sizable amount of its holdings, the price of Bitcoin may suffer a blow that could worsen the already bad market sentiment.
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