MicroStrategy's executive chairman Michael Saylor made waves on social media with his extreme pro-Bitcoin statement, telling followers to "Sell a kidney if you must but keep the Bitcoin." The provocative comment came as Bitcoin experienced an 18.2% decline over the past week.
The timing of Saylor's statement has raised eyebrows, as MicroStrategy (MSTR) shares have dropped 28% since his appearance on Forbes magazine's cover just one month ago. The decline mirrors Bitcoin's recent sharp pullback in the cryptocurrency markets.
Known for his unwavering belief in Bitcoin, Saylor has maintained his aggressive stance on accumulating the cryptocurrency. Earlier in February, he published his "21 Rules of Bitcoin," declaring that "Those who understand buy Bitcoin, those who don't criticize it." He even joked about taking a second job to purchase more of the digital asset.
However, market analysts point out that MicroStrategy's stock performance remains heavily influenced by Bitcoin's price movements. The recent downturn has particularly affected high-growth and speculative stocks, with concerns about potential interest rate hikes adding to market pressure.
Despite the recent losses, Saylor continues to advocate for a "never sell" approach to Bitcoin, arguing that "buying strengthens the network, selling weakens it." This steadfast position comes even as Bitcoin trading data shows decreased large transaction volumes and varying market sentiment among traders.
The contrast between Saylor's bold statements and MicroStrategy's stock performance highlights the volatile nature of cryptocurrency-linked investments and raises questions about the sustainability of such aggressive accumulation strategies in current market conditions.