Bitcoin bull Michael Saylor recently offered Fundamental advice for those who invest in Bitcoin: never sell.
This is one of the key rules of Bitcoin that the billionaire outlined during his speech at the recent BTC event in Prague.
“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 go of the fire. Don’t jump off a cliff,” Saylor added.
The advice comes amid Bitcoin’s substantial price decline. As of this writing, the flagship cryptocurrency is changing hands at $65,329 on the Bitstamp exchange, with bullish momentum waning.
Saylor, a well-known Bitcoin maximalist, railed against diversification in his speech, arguing that “everything else” is inferior to the leading cryptocurrency. “Every time you sold it, you were giving up the best performing asset in the world to buy what? Diversifying means selling the winners to buy the losers… You just need a chair. You don’t sell your Bitcoin,” he pointed out.
The MicroStrategy co-founder argued that “the whole world” is built to get Bitcoiners to sell their holdings. “Everyone wants to trade your Bitcoin to their hedge fund, to their stock, to their idea, to whatever it is, and you just have to keep in mind that…nobody gets rich by telling you not to give them your money,” he said. Saylor noted.
Despite being by far the largest company holding Bitcoin, MicroStrategy recently announced a $500 million debt sale to increase its BTC holdings. Last week, the offering of convertible notes was increased to a whopping $700 million.
Some naysayers – from gold bug Peter Schiff to banking giant JPMorgan – have criticized aggressive leveraged purchases. Even the first one warned that creditors could potentially force MicroStrategy to liquidate its Bitcoin fortune if the price of the largest cryptocurrency were to undergo a substantial correction.
