• Saylors organization stands out as the biggest institutional holder of Bitcoin.
• The co-founder is well-known for tweeting incoherent claims on Bitcoin’s potential.

As a result of his recent comments on crypto entrepreneur Sam Bankman-Fried, American entrepreneur Michael Saylor has received widespread backlash from the crypto community. The co-founder of MicroStrategy is well-known for his advocacy of Bitcoin’s use in the financial sector.

 Despite significant unrealized losses as a result of Bitcoin’s recent price decrease, his organization stands out as the biggest institutional holder of Bitcoin. Saylor left his post as CEO of MicroStrategy earlier this year to concentrate on the cryptocurrency market.

Created Many Bitcoin Maximalists

Saylor is well-known for tweeting incoherent claims on Bitcoin’s potential. He recently tweeted that the founder of FTX, who is under heavy regulatory examination due to claims of user money theft, is indirectly responsible for creating many Bitcoin maximalists.

Saylor’s tweet, however, was heavily criticized by the cryptocurrency community, which is already struggling to recover from the decline brought on by the FTX collapse. Saylor’s comments implied that SBF’s participation in the recent collapse of FTX was helpful to the cause of Bitcoin adoption.

In response, the crypto community were of the opinion that the said maximalists advocated for centralized protocols rather than decentralized ones in the realm of finance (DeFi). 

At the moment, MicroStrategy owns around 10,000 BTC. Meanwhile, how long it would take for the crypto market to recover from the drop FTX triggered is an open question. In the previous 30 days, BTC has lost around 30% of its value compared to its all-time highs. The same holds true for the vast majority of other significant digital currencies.

Recommended For You:

MicroStrategy’s Michael Saylor Claims Bitcoin Superior to CBDC