Bitcoin supporter and entrepreneur Michael Saylor sent a strong message to investors in a stirring talk at the BTC Prague event: never sell your Bitcoin.
Considered a cardinal rule of Bitcoin investment, this advise was included in a broader speech stressing the inherent worth and possibilities of the cryptocurrency.
“You sell none of your Bitcoin,” Saylor said. “What should I mean? BTC is a kind of energy. Blockchain is life. Spend your life wisely not squandering. Save your stamina. Keep the fire ablaze. Let nothing extinguish it. Never let the fire go when it prevents your family from cold. Don’t toss yourself off a precipice,” he said, stressing his point with striking analogues.
Bitcoin Diversification Approach Criticized
Given a substantial decline in Bitcoin’s price, Saylor’s remarks reflect The flagship BTC is priced at $65,329 on the Bitstamp platform as of the most recent trading session; upward momentum is exhibiting indications of slowing down. This drop has spurred debates and conversations among investors on the direction Bitcoin may take going forward.
Well-known BTC maximalist Saylor attacked the diversification approach in his speech. Declaring diversification as “selling the winner to buy the losers,” he said other assets pale in contrast to Bitcoin. “Every time you sold it, you gave up the best-performing asset in the world to acquire what? Diversification is selling the winners to pay for the losers. There is just one chair needed. You do not sell Bitcoin.”
Saylor, cofounder of MicroStrategy as well, claimed that the global financial system is meant to force BTC investors to sell their holdings. “Everybody wants to trade your BTC for their hedge fund, for their stock, for their idea, for their whatever it is, and you just have to keep in mind that… no one is getting rich by telling you not to give them your money,” he said, underlining the ongoing efforts by different entities to extract BTC from owners.
MicroStrategy keeps tripling down on its Bitcoin approach in spite of the volatility. Aiming to boost its BTC reserves, the corporation lately revealed a $500 million debt auction. Later on, this offer was boosted to $700 million, which reflects the company’s constant dedication to the cryptocurrency.
Not everyone, meanwhile, sees Saylor’s positive picture. Critics of MicroStrategy’s aggressive leveraged purchases range from financial behemoth JPMorgan to gold proponent Peter Schiff. Schiff has cautioned creditors might force MicroStrategy to sell its significant BTC assets should BTC see a significant downturn.
