When it comes to investing in cryptocurrency, mom knows best, according to Michael Saylor.
The Bitcoin Evangelist and Billionaire CEO of MicroStrategy (MSTR) – Get the MicroStrategy Incorporated report has maintained its dedication to the world’s most popular cryptocurrency even as the sector continues to suffer heavy losses.
Speak like an Egyptian
No matter. Saylor took to Twitter to defend bitcoin and he went all the way back to ancient Egypt to make his point.
Saylor posted an excerpt from a story about Nesyamun, a 3,000-year-old Egyptian mummy who was able to “speak” after scientists created a site bite of the high-ranking priest and scribe.
And what did Nesyamun have to say for himself after all this time?
“Bitcoin!according to Saylor’s tweet.
It was the first time since December 2020 that bitcoin fell below the symbolic $20,000 mark.
“As Dead as Bitcoin”
Of course, it wouldn’t be Twitter without a throwback snark.
“As dead as bitcoin”, a commentator tweeted.
Another posted a doctored image from the Scooby-Doo cartoon with Saylor preparing to rip the cowl off a tied up villain and declaring “Let’s see who’s responsible for my losses”.
And under the hood we have… Saylor himself.
There were plenty of Saylor followers, including one person who posted a gif of a gorilla doing the thumbs-up sign.
Nonetheless, Saylor and his company are on the hook as they are among the biggest losers in Bitcoin’s downfall.
“Now many eyes are on MicroStrategy, which holds billions of dollars in BTC on its balance sheet,” said Frank Corva, principal analyst, crypto and blockchain at Finder.. “$17,000 is a critical level for MicroStrategy, as this is the level at which MicroStrategy will face a margin call for some of its bitcoins.”
Scroll to continue
Corva noted that Saylor claimed that the loan MicroStrategy took out to buy the bitcoin in question was properly collateralized.
“Bitcoin has been dead ‘money’ for 4½ years because its current price is about 2% lower than it was then,” he said. “On the other hand, the price of #gold increased by more than 40% over the same period.
“It’s just another bull trap,” he said. “Nothing is falling in a straight line. In fact, this slow-motion crash has been extremely orderly. No signs yet of the capitulation that usually forms a bear market bottom.”
This prompted a Tweeter to post a doctored title of a Simpson cartoon featuring a Schiff-likeness with the headline “Old Man Yells at Bitcoin.”
“Maybe I’m a hypocrite”, a person observed. “As new #bitcoiner I was appalled by the messages and the toxicity of #bitcoin Twitter. But since the accident? I understand. Blessings to you tough guys! This sweet left-leaning middle-aged girl thanks you #HODL“
And where would we be without the infamous “Woman yelling at a cat” meme? This time, a commentator used the oft-posted image to illustrate bitcoin’s price crash.
The woman in this variation on a meme shouts “you said by crypto!”
“No,” replies the frosty feline. “I said goodbye crypto.”
‘Note cleaning process’
Earlier this month, New Jersey-based crypto lender Celsius stunned the crypto industry by freezing crypto withdrawals due to “extreme market conditions.”
Celsius said on June 19 that it would continue to work to “stabilize our liquidity and operations,” a process that would require it to find a solution by continuing an “open dialogue with regulators.”
“With massive inflation data and the semi-collapse of the Celsius network driving the downward spiral, I believe only the best fundamentally sound crypto projects will survive this bear market,” said Louis Schoeman, chief executive of the comparison site. of Suggest Forex brokers.
Schoeman added that “this is a cleanup process worth noting as we believe between 80% and 90% of crypto projects will not survive this period, especially if Bitcoin falls below $20,000. “.
“But it also presents a huge opportunity for many non-coin-ministers to enter the crypto market for the first time at prices not seen since 2017,” he added.