Founder of MicroStrategy, and popular Bitcoin perma-bull Michael Saylor has taken jabs at Elon Musk after the Tesla CEO’s announcement that his company had traded off 75% of its Bitcoin holdings.
Michael Saylor Takes Dig at Elon Musk
In Reviewing its Q2 report in a Wednesday earnings call, Elon Musk explained why electric vehicle manufacturer Tesla had sold three-quarters of its Bitcoin holdings for approximately $936 million USD.
Shortly after the Tesla announcement, Michael Saylor, one of Bitcoin’s most vocal advocates, took to Twitter to share his thoughts on the situation, tweeting:
If you sell 75% of your bitcoin, you will only have 25% of your #bitcoin left.— Michael Saylor⚡️ (@saylor) July 20, 2022
Saylor and Musk’s Bitcoin Journey
In February, Tesla bought $1.5 billion worth of the leading cryptocurrency after Michael Saylor offered Elon Musk advice for how the centibillionaire could purchase the crypto.
Soon after the acquisition was announced, Tesla revealed that its customers would be able to buy its electric cars using Bitcoin. However, Tesla soon pulled the plug the following months, citing environmental concerns.
Unlike Tesla and Musk, Michael Saylor has remained faithful to Bitcoin, and his company, MicroStrategy, is now the largest corporate holder of Bitcoin, with stores of 129,699 BTC (worth approximately $2.9 billion at press time).
On the Flipside
- In explaining why Tesla had sold its Bitcoin, Elon Musk expressly stated that this did not mark the company’s final verdict on the asset, and it remains open to buying more BTC in the future.
Why You Should Care
Michael Saylor’s comments were made in reference to “one Bitcoin equals one Bitcoin,” which encourages investors to focus on Bitcoin’s adoption, not its price.
To find out more about why Tesla sold its Bitcoin, check out:
Elon Musk’s Tesla Sells 75% of Its Bitcoin in Q2, Records 32% Profit Drop from Q1
Should you buy Bitcoin? Read what Saylor thinks below:
$20K Is an “Ideal Entry Point” for Investors to Buy Bitcoin, Says Michael Saylor