Cryptocurrency Community Abuzz as Bitcoin Price Dips, Prompting Unexpected Reaction from High-Profile Figure
June began, and with it the decline in Bitcoin’s price, which on the 1st of June was trading at about $74K and was now at $62,407.74, a 6.81% decline in just one day.
As Bitcoin’s price breached the $63K price level, Michael Saylor took to X to tease again and said,
₿ack to Work
Same tease, different chatter
Interestingly, Saylor has teased with this phrase before. The next thing he did after making such tweets was to purchase and add more Bitcoin [$BTC] to Strategy’s stash.
However, currently there have been persistent rumors that Strategy may sell more Bitcoin, so this time around things seem a little different.
Additionally, following the sale of 32 Bitcoin for about $2.5 million between the 26th and 31st of May, the rumors intensified.
The last time this sell-off occurred was in December 2022, when Strategy sold 704 Bitcoin for tax-loss harvesting and then repurchased 810 Bitcoin a few days later.
Here, it’s important to note that the sale isn’t massive this time either, and Strategy still has 843,706 Bitcoin.
However, the MSTR stock, which declined by 7.01% the day before and was trading at $126.55, is raising concerns. At the same time, the community became more active after Adam Livingston, the Bitcoin Wizard, pointed out,
If Strategy sells MSTR to pay the dividend, it’s a ponzi.
The community on Saylor’s every move
According to Livingston, those who oppose Strategy’s Bitcoin-focused business model seem to have a negative opinion of every option.
Opponents paint every action as an indication of failure, ranging from a “Ponzi scheme” to a “death spiral” or shareholder dilution.
This is regardless of whether the company issues new securities to buy more Bitcoin, sells its stock to pay dividends, liquidates Bitcoin holdings, or uses its cash reserves to pay off debt.
Final Summary
Michael Saylor makes another tease on X, but another Bitcoin purchase looks dicey this time.
By selling 32 $BTC, Strategy’s $BTC stash has seen a moderate fall to 843,706 Bitcoin.