Michael Saylor’s BTC Tweet Stirs Controversy

Michael Saylor, one of the most avid proponents of BTC and co-founder of MicroStrategy, has stirred some controversy.

In a tweet dated January 6, Saylor wrote that the #Bitcoin strategy is winning for @MicroStrategy, accompanying the claim with the graph below that shows the growth of BTC in comparison with other stocks.

However, not all users were impressed with this claim, pointing out that his company has incurred billions worth losses and that the crypto winter is still on. 

One twitter handle replied, “$MSTR is down 90% from the high, has over 1 billion unrealized loss on the #bitcoin, and has over $700 million debt to get those #BTC. If that's winning to you then I don't want to know what losing means to you.”

Another user wrote “That 60% drop on a 1-year chart looks beautiful.”

Other users were supportive of Saylor, with MetaMallVerse, which describes itself as the ultimate virtual shopping experience for the metaverse, tweeting there are 2 different groups of people. Cryptocurrency haters and Cryptocurrency fans. One way or another, whatever you say, haters gonna hate. Viva #Bitcoin Viva #Crypto.

American software company MicroStrategy, the largest corporate holder of Bitcoin reserves, disclosed on Wednesday that it sold some of its holdings for the first time ever on December 22.

However, the company has reportedly not abandoned its retreat from Bitcoin investment strategy.

“MicroStrategy plans to carry back the capital losses resulting from this transaction against previous capital gains, to the extent such carrybacks are available under the federal income tax laws currently in effect, which may generate a tax benefit,” the company wrote.

It added that on December 24, 2022, MacroStrategy acquired approximately 810 bitcoins for approximately $13.6 million in cash, at an average price of approximately $16,845 per bitcoin, inclusive of fees and expenses.

Previously GNCrypto reported that Michael Saylor was charged with tax fraud.