Bitcoin bull Michael Saylor recently Offered Crucial advice for those investing in Bitcoin: never sell.
Bitcoin bull Michael Saylor recently Offered Crucial advice for those investing in Bitcoin: never sell.
This is one of the key rules of Bitcoin that the billionaire outlined during his speech at the recent Prague BTC event.
“You don’t sell your Bitcoin. What do I mean? Bitcoin is energy. Bitcoin is life. Don’t waste your life. Conserve your energy… Don’t let the fire go out. When the fire is what’s keeping your family from freezing, Don’t let the fire go out. Don’t jump off a cliff,” Saylor added.
The advice comes amid the substantial drop in the price of Bitcoin. At press time, the flagship cryptocurrency is changing hands at $65,329 on the Bitstamp exchange, with bullish momentum waning.
Vladislav SopovSaylor, a well-known Bitcoin maximalist, railed against diversification in his speech, arguing that “everything else” is inferior compared to the leading cryptocurrency. “Every time you sold it, you gave up the best-performing asset in the world to buy what? Diversification is selling the winner to buy the losers… You just need a chair. You don’t sell your Bitcoin,” he emphasized.
The MicroStrategy co-founder has argued that “the entire world” is built on convincing Bitcoiners to sell their holdings. “Everyone wants to trade their Bitcoins for their hedge fund, for their stocks, for their idea, for whatever, and you just have to keep in mind that… no one is getting rich if you tell them not to give them your money,” Saylor noted.
Tomiwabold OlajideDespite being by far the largest corporate holder of Bitcoin, MicroStrategy recently announced a $500 million debt sale to increase its BTC holdings. Last week, the supply of convertibles increased to a whopping $700 million.
Some critics, from gold enthusiast Peter Schiff to banking giant JPMorgan, have criticized aggressive leveraged buyouts. The first even warned that creditors could force MicroStrategy to liquidate its Bitcoin fortune if the price of the largest cryptocurrency were to undergo a substantial correction.
