As a seasoned crypto investor with a significant portion of my portfolio in Bitcoin, I wholeheartedly agree with Michael Saylor’s advice to never sell. Bitcoin is more than just an asset; it represents energy, innovation, and the future of finance. The recent price drop has been disheartening, but I remain confident that the long-term trend is upwards.
Michael Saylor, a notable Bitcoin advocate, shares valuable guidance for investors: hold on to your Bitcoins without selling.
At the BTC Prague conference, I heard Elon Musk explicitly emphasize one essential rule of Bitcoin from his perspective as a prominent figure in the industry.
“Bitcoin is more than just a digital currency to you. It represents energy and life. Don’t waste your precious resource by selling it unnecessarily. Keep the flame burning. When Bitcoin serves as the warmth that keeps your loved ones from the cold, don’t let it fade away. Avoid taking reckless actions that may result in losing it.” (Musk’s words emphasized)
Amid Bitcoin’s significant price decline, a word of caution is offered. Currently, the leading cryptocurrency is being traded at $65,329 on the Bitstamp platform, and the bullish energy seems to be fading away.
Saylor, a prominent Bitcoin advocate, fiercely criticized the notion of diversification during his speech, asserting that “everything else” paled in comparison to Bitcoin’s superiority. “Each time you sold it, you relinquished ownership of the top-performing asset globally to acquire what? Diversification means giving up the winner to purchase the underperformers…You only require one chair. Do not part with your Bitcoins,” he emphasized.
The MicroStrategy cocreator has expressed the perspective that the entire world operates with the objective of persuading Bitcoin holders to relinquish their assets. People are eager to exchange your Bitcoins for hedge funds, stocks, business concepts, or whatever else they have to offer. Saylor emphasized, “Remember that no one becomes wealthy by advising you to withhold your money from them.”
Although MicroStrategy currently holds the largest amount of Bitcoin amongst corporations, it recently disclosed plans to raise an additional $500 million through a debt sale to expand its Bitcoin holdings further. Last week, the size of this convertible offering was upsized to an impressive $700 million.
Critics such as gold advocate Peter Schiff and financial institution JPMorgan have voiced their opposition to MicroStrategy’s aggressive purchasing of Bitcoin using significant borrowed funds. Schiff, in particular, has issued a cautionary note, suggesting that if the value of Bitcoin were to experience a significant decline, creditors could compel MicroStrategy to sell its Bitcoin holdings.
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2024-06-18 18:24