CEO of MicroStrategy Michael Saylor has doubled down during the recent crypto crash, stating he is not selling as bitcoin (BTC) falls to around $30,000.
As the prices of cryptocurrencies continue to tumble, Saylor appears unfazed by the crash, after spending $15 million last week to buy even more bitcoin. The CEO of MicroStrategy stated on his Twitter that entities he controls hold more than 111,000 bitcoins.
MicroStrategy CEO “Not Selling” as crypto prices plunge
That total includes MicroStrategy’s 92,079 BTC, a total reached after spending $10 million yesterday to acquire 229 additional coins. The total may or may not include Saylor’s secret stash of personal coins.
The last time Saylor did speak about his personal wallet, he claimed to own 17,732 bitcoins in October of 2020. Combine the two, 92,079 and 17,732, and you get a shade under 110,000, which suggests the total does include Saylor’s personal account and that he bought some more himself recently.
The announcement by Saylor comes during a tumultuous period in the crypto market, with prices falling left and right. The price of bitcoin alone saw the bottom fall out and dropped to around $30,000 at one point. Ethrerum (ETH) saw its price fall to around $2,500, while the meme coin DOGE dipped under $0.35.
During the crash, Saylor tweeted to his nearly one million followers three simple words, “I’m not selling.” This confidence should come as no surprise to anyone that follows Saylor. He has long been a supporter of cryptocurrencies and even hosts a Bitcoin for Corporations digital conference.
The company he heads up, MicroStrategy, is an enterprise analytic software firm and has become one of the biggest institutional holders of bitcoin in 2021. MicroStrategy’s stock fell along with their investments in crypto to the tune of 15% this morning as the digital market crashed.
Peter Schiff and Saylor are in a Twitter war
Saylor and MicroStrategy do have their detractors, including bitcoin critic Peter Schiff. In a tweet of his own, Schiff compared Saylor to Captain Ahab and MicroStrategy to the Pequod. “His obsession with bitcoin will not only be his death but it will kill everyone onboard MSTR. Shareholders must choose between mutiny or jumping ship.”
The chief economist and global strategist at Euro Pacific Capital also said that Saylor offered “asinine advice” to hold BTC as an inflammatory hedge. Saylor responded with a screenshot that showed gold provided 77% fewer returns than bitcoin over the last calendar year.