Bitcoin Plummets | Under Saylor’s ‘Sell Your Kidney’ Price
Edited By
Liam O'Brien
Bitcoin's price recently dipped below $74,500, crossing the threshold Michael Saylor had famously joked about, suggesting enthusiasts sell a kidney to buy BTC when it peaked at $79,900. With this sudden drop, the debate over Saylor’s controversial investment guidance heats up.
Context of the Crash
On February 27, Saylor, CEO of MicroStrategy, urged supporters to keep faith, saying, “Sell your kidney if you must, but keep the bitcoin.” Many perceived the advice as outlandish, especially after the cryptocurrency plunged under the price Saylor had cited just weeks prior. His insistence that Bitcoin should be measured in BTC terms rather than USD has sparked criticism, with numerous commentators labeling his strategies as reckless.
MicroStrategy, a company that has aggressively invested in Bitcoin under Saylor's leadership, is now grappling with significant debt. The average cost basis for their BTC acquisitions stands at $67,458, putting many purchases at a loss. Despite these challenges, Saylor made it clear that the current dollar price should be disregarded. As he tweeted: "True believers should remember, the price of BTC is always 1 BTC.”
Community Reactions & Sentiment
The community's response to the latest crash encompasses a mixture of skepticism and amusement. Some defenders see Saylor as a beacon amidst a troubling downturn, while critics are more vocal in their disapproval. A number of comments suggest that while BTC may retain intrinsic value to believers, its conversion into fiat remains a critical concern for everyday use. The community seems divided:
Supporters hold tight to the belief that BTC’s value is constant.
Critics argue that leveraging personal assets like kidney jokes invites dangerous speculation.
Neutral observers view the drop as a clear indicator of current market vulnerability.
Commentary on Saylor's Leadership
It seems many have taken Saylor’s advice with a grain of salt. His strategy of encouraging aggressive investment is increasingly viewed as dangerous, especially when many assets are performing below expectations. Curiously, many wonder if any of Saylor's ardent supporters have actually taken his advice seriously. Observers ask, how can one bet their health on a volatile asset?
Key Takeaways
🔺 Bitcoin's price now below $74,500, drawing ire from critics.
➡️ MicroStrategy holds Bitcoin with an average cost of $67,458, facing considerable losses.
⭐ “Saylor is just the biggest Bitcoin hype man,” noted one commentator, reflecting mixed sentiments.
As the Bitcoin community grapples with these downturns, one thing is crystal clear: the stakes in the cryptocurrency world are higher than ever.