‘I’m not selling’: Michael Saylor doubles down on bitcoin as the cryptocurrency falls as low as $30,000

Screenshot 2021 02 17 at 13.55.17
MicroStrategy CEO, Michael Saylor.

  • Bitcoin evangelist Michael Saylor is doubling down on the cryptocurrency despite its recent plunge.
  • Saylor tweeted, “I’m not selling” to his more than 900,000 followers on Wednesday amid bitcoin’s fall.
  • Bitcoin fell as low as $30,000 per coin on the day, while ethereum dropped to under $2,500.
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Noted crypto evangelist Michael Saylor doubled down on bitcoin on Wednesday amid a collapse in the cryptocurrency market.

Bitcoin fell as low as $30,000 per coin on Wednesday and cryptocurrencies as a whole lost nearly 20% of their total market cap in a single day, according to data from CoinMarketCap.com.

Saylor, the co-founder of MicroStrategy, tweeted to his more than 900,000 followers the simple phrase “I’m not selling” amid the drop. The post quickly received more than 30,000 likes.

Saylor has long been a proponent of the crypto space and even held a virtual conference called Bitcoin for Corporations in February to spur institutional investment.

MicroStrategy, an enterprise analytics and software firm, has become one of the largest institutional holders of bitcoin over the past year as well.

The company currently holds some 92,079 bitcoins acquired for roughly $2.251 billion at an average price of approximately 24,450 per bitcoin, according to Saylor.

MicroStrategy’s most recent purchase came a day before bitcoin’s historic drop. The company acquired an additional $10 million worth of bitcoin at an average price of $43,663 per coin, according to a Tweet from Saylor.

MicroStrategy stock fell as much as 15% on Wednesday amid the crypto rout, but mounted a recovery later in the day.

Saylor’s biggest rivals used bitcoin’s fall to take aim at the crypto evangelist. Peter Schiff, a noted gold bull, compared Saylor to Captain Ahab from Herman Melville’s Moby-Dick.

Schiff told his nearly 500,000 Twitter follows that Saylor’s “obsession with Bitcoin will not only be his death but it will kill everyone onboard MSTR.”

“Shareholders must choose between mutiny or jumping ship,” Schiff added.

Read more: ‘Wolf of All Streets’ crypto trader Scott Melker breaks down his strategy for making money using ‘HODLing’ and 100X trade opportunities – and shares 5 under-the-radar tokens he thinks could explode

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Elon Musk admits that bitcoin and ethereum ‘seem high’ in exchange with ‘gold bug’ Peter Schiff

Bitcoin crash
Bitcoin is now trading 55,563.02, according to exchange site Coinbase.

  • Elon Musk admitted that bitcoin and ethereum “seem high” in Twitter exchange with Peter Schiff.
  • The Tesla CEO retorted Schiff’s claim that Gold was a better asset allocation than crypto.
  • On Friday night, bitcoin hit record highs pushing its market cap to more than $1 trillion.
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Elon Musk isn’t one to shy away from speaking his mind on Twitter.

In his latest social media comments, the Tesla chief admitted the price of bitcoin and ethereum “seem high” as the crypto assets hit record highs.

Last night, bitcoin smashed through the $55,000 level, bringing the crypto’s market cap to more than $1 trillion. Its latest rally has largely been attributed to Tesla’s $1.5 billion purchase revealed in an SEC filing on Feb 8, sending Bitcoin up 16% on the day.

Musk’s comment was in reply to Peter Schiff, a well-known crypto skeptic and ‘gold bug,’ who claimed that gold was a better asset allocation than bitcoin or fiat currency.

Schiff’s was quoting Musk’s tweet that bitcoin was a “less dumb” version of cash.

“When fiat currency has negative real interest, only a fool wouldn’t look elsewhere,” MuskĀ tweeted on February 19. “Bitcoin is almost as bs as fiat money. The key word is ‘almost.'”

But Musk responded to the veteran stockbroker claiming that: “An email saying you have gold is not the same as having gold. You might as well have crypto. Money is just data that allows us to avoid the inconvenience of barter.”

An hour later, the Musk followed up with a post saying: “that said, BTC & ETH do seem high lol.”

Musk/Schiff Exchange
Musk/Schiff Twitter Exchange.

Bitcoin is now trading 55,563.02, according to exchange site Coinbase. Ethereum has gained 174.20% year-to-date, now trading at $2001.77.

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