Coinspeaker
Feb 28, 2025
7 0

Michael Saylor Urges Followers to Buy Bitcoin Despite Market Decline

2 min

Michael Saylor, founder of Strategy and a Bitcoin advocate, suggested on X that followers sell their kidneys to buy Bitcoin amidst a recent price drop below $80,000, reflecting an 8% decline. This follows Bitcoin's all-time high of $109,000 earlier this year, which was influenced by Donald Trump's inauguration.

Market Impact from Bybit Hack

A hack on the Bybit exchange, resulting in a theft of approximately $1.5 billion in Ethereum, has contributed to Bitcoin's decline, pushing it to its lowest levels since November 2024.

  • Saylor views the current dip as a buying opportunity.
  • He has previously advised extreme actions for BTC accumulation, including liquidating assets and maxing out credit cards.

Criticism of Saylor’s Advice

Peter Schiff criticized Saylor's comments, questioning their appropriateness. Some users defended Saylor, noting potential profits for those who heeded his past advice, although Schiff highlighted the burden of high-interest debt from using credit cards for such investments.

  • Schiff pointed out that Bitcoin was around $50,000 at the time of Saylor's advice.
  • User feedback indicated skepticism about blindly following Saylor's recommendations.

Saylor's Ongoing Commitment

Despite criticism, Saylor remains committed to Bitcoin. His company holds 499,096 BTC, making it the largest corporate holder. This strategy has encouraged other companies to include Bitcoin in their treasury assets.