Posted on 05/11/2022 8:44:04 PM PDT by RandFan
@ClarityToast
This guy was never qualified to manage a gumball machine.
Now he's teetering on a multi-billion dollar margin call.
(Excerpt) Read more at twitter.com ...
I think it all stands to collapse as it has nothing you can hold in your hand.
Oh, no!
Wait, who?
You’re not wrong guys like him tried to equate Bitcoin with gold
That’s what I thought. A little more info would be nice.
The market going down is a bit like the water level in Lake Mead dropping. It’s exposing the previously hidden dead bodies.
Oh, look. He’s a nobody who wrote his own Wikipedia entry. This would have been helpful, OP.
https://en.wikipedia.org/wiki/Michael_J._Saylor
What a joke.
These bitcoin epitaphs are even funnier the 10th time you read them.
How is the much derided gold doing in comparison?
Over what time period?
Bitcoin is up 5x over the past 3 years.
Saylor’s average spot price was around $30k, so it’s more likely his tech stock going down because all tech stocks are going down almost without exception, not because of of a 10% decrease in bitcoin over a week, which is often par for the course.
Many investors had turned to cryptocurrencies as an inflation hedge and protections from a depreciating dollar in these uncertain economic times. Gold has stagnated when it should have increased. IMHO cryptocurrencies were always an electronic Ponzi scheme. Now they have been discredited and are dropping in value. Would not be surprised if gold exceeded $2200/ounce by mid summer. Food shortages and inflation will spook many people around the world.
This guy (among others) has said repeatedly that Bitcoin is “digital gold” and has derided physical gold.
I think a comparison is therefore interesting
As for Saylor his firm’s stock has fallen a lot more than the average tech stock I believe......
“MicroStrategy announced that it had sold $650 million in convertible senior notes, taking on debt to increase its Bitcoin holdings to over $1 billion worth”
I think I see the problem....
When BTC hits the 200 week SMA jump on it hard!
Yes indeed.
Or, try sending $100k worth of gold to someone in another country on a Saturday.
As for Microstrategy, he gave every single shareholder full disclosure of their bitcoin buys before they executed them, and offered a market price to exit if they weren’t comfortable with it.
At some point, either in the next few weeks or next few months (or unlikely but still possible, the next year or two), bitcoin will be back to $50k or higher, so you can treat this as an opportunity to double your money, or you can post Twitter trolls who seem to have a huge lack of knowledge of the subject of their ire.
If it’s not your thing then it’s not your thing, and you can go back to listening to the Charlie Mungers of the word. But the celebrating here over bitcoin’s supposed death is teetering between amusing and hilarious to people who’ve been watching this for a while and have seen it all before.
Saylor, an MIT graduate.
Yeah he’s an idiot. Lol
What they completely miss is the ability to make money because of the fact that it’s volatile.
Why not post an informed article instead of worthless twitter clickbait ...
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