Criticism over Bitcoin’s price decline should be directed more at OG whales than at Saylor. Can we really compare the 1.24M BTC that OG whales sold to Saylor and ETFs over the past two years with the 32 BTC Saylor sold? Bitcoin is much higher today because of Saylor’s buying. The market should give him more credit. Without his purchases, if more than 700K BTC had been sold into the market, Bitcoin could have fallen much deeper, possibly like past bear markets. The fact that Bitcoin is not at $22K today may be partly thanks to Saylor. The “death spiral” narrative feels overstated to me. Of course, I am open to changing my view if there is a well-researched, data-driven analysis that proves otherwise.
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