On February 27, Michael Saylor motivated his followers, “Sell your kidney if you must, but hold the Bitcoin.” After that tweet, bitcoin (BTC) was trading at $79,900, but yesterday, it dropped to under $74,500.
Still, Saylor grabbed the opportunity to remind his followers that BTC’s USD price should not be important, regardless. True supporters should remember, as he humorously posted, that the price of Bitcoin is always measured in Bitcoin, which is the currency Saylor prefers.
Users knew Saylor’s kidney guidance was an overstatement and that skeletal organ sales are generally illegal, but even significant influencers called the tweet thoughtless.
Mortgages, Kidneys, Yet Bitcoin Remain Dropped
According to the reports, yesterday was not the first time that BTC dropped below a price at which Saylor supported careless investing. On March 10, 2021, he advised investors to borrow money to buy BTC, even suggesting that homeowners should take out loans against their homes and buy Bitcoin (BTC).
Its price that day was around $57,000. Three months later, it had dropped 37% to under $36,000. At its lowest point in November 2022, BTC dropped under $15,500, or 73% down from Saylor’s mortgage guidance.
Many investors are questioning whether MicroStrategy, now known as Strategy, has taken on too much debt under Saylor’s leadership. The company presently has $9.8 billion in outstanding debt.
Most of MicroStrategy’s latest Bitcoin purchases are losing their money, and are more troubling, even though the average cost over the years is $67,458.
MicroStrategy has been using methods like issuing new shares like STRK and STRF and selling debt that can be converted into stock to fund its Bitcoin purchases, which results in reducing the value for existing shareholders.
In summary, BTC reached a low enough price for Saylor to advise selling kidneys on February 27, and then it dropped further in price. Yesterday, at a price below his kidney level, he reminded his followers that the price of BTC in BTC terms did not go down.
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