Michael J. Saylor Tells the World That He Has Gone From Bitcoin Maximalist to Fiat Maximalist.
It's time to stop thinking of him as a role model for the Bitcoin revolution.
For months now, I've been saying that Michael J. Saylor is no longer the Bitcoin Maximalist he appeared to be when he arrived in the Bitcoin world in the summer of 2020. I've written several articles on the subject to explain his gradual switch from Bitcoin Hero to Bitcoin Villain:
I went on to talk about his great betrayal of the Bitcoin revolution:
Some people didn't like it when I criticized Michael J. Saylor, who has continued to accumulate Bitcoin no matter what with MicroStrategy, now reaching almost 500K BTC. But there's nothing wrong with telling the truth. We simply have to admit the obvious and stop seeing him as a role model for the Bitcoin revolution. The Bitcoin revolution is no longer (has never been?) a priority for him. What interests him is making his company a $1T company, even if it means jeopardizing the Bitcoin revolution, even temporarily.
This is the attitude of a Fiat Maximalist, not a Bitcoin Maximalist.
A few hours after Donald Trump announced his intention to create a Strategic Crypto Reserve for America made up of Made In USA Sh*tcoins, and not a Strategic Bitcoin Reserve, real Bitcoiners were quick to criticize Trump's announcement. Interviewed by CNBC, Michael J. Saylor supported Donald Trump's proposal to include XRP, ADA, and SOL in the reserve.
Michael J. Saylor declared that “this diversification is bullish for Bitcoin and the entire American cryptocurrency industry”.
For Michael J. Saylor, only one thing matters now: the adoption of a liberal economic policy in America toward digital assets. The fact that Donald Trump supports Sh*tcoins or launches Meme Coins doesn't offend him as long as it serves his interests with Strategy. Strategy's executive chairman pointed out that this progressive approach could represent a $100,000 billion opportunity for the country, benefiting the entire crypto sector.
This 180-degree turn is all the more astonishing given Michael J. Saylor's past characterization of XRP as an unregistered security and his repeated praise for the SEC's crackdown on this and other Sh*tcoins. Michael J. Saylor's evolution is symptomatic of a Fiat Maximalist who goes where the wind takes him and where his interests lie. With almost 500K BTC acquired via massive indebtedness on its balance sheet, Michael J. Saylor doesn't want to risk offending the Trump clan. This could jeopardize his goal of making Strategy a $1T company.
Michael J. Saylor puts his interests ahead of those of the Bitcoin revolution. That's his right, but let's stop making the mistake of seeing him as a role model for the Bitcoin community.
As a reminder, Donald Trump's announcement (precipitated by the need for Congressional approval to finance it) has encouraged a Pump & Dump in the market. Pure manipulation when you look at Bitcoin and cryptocurrency prices over the last few days:
It will be impossible to prove that this benefited Donald Trump or those close to him, or even to punish them for it, but it's clear that shady things are going on and that anything is now allowed in the cryptocurrency world that Donald Trump has come to office in the White House.
Many figures in the Bitcoin world are opposed to the inclusion of Sh*tcoins in America's strategic reserve. Even Peter Schiff, a long-time Bitcoin opponent, has argued that if there is to be a reserve, only Bitcoin should be included:
Naval Ravikant, for his part, expressed his concerns, asserting that “the American taxpayer should not be used as an exit liquidity for supposedly decentralized cryptos”.
I would love to hear your opinion on the subject of a Strategic Crypto Reserve for America. Do you think it is a necessary evil to have Bitcoin included in such a reserve? Or are you rather disappointed by the possibility that such a reserve would contain Sh*tcoins promoted by private companies and that this looks very much like a huge conflict of interest?
You tell me:
Donald Trump Vs. Bond Vigilantes – The Tug-of-War Has Begun.
Who will give in first?
This is why we should never put people up on a pedestal and why the bitcoin-has-no-leaders mantra is useful to avoid disappointment! Tick tock, next block.
I feel like there are only a few people who feel this way, that only a handful of us have been talking about how the Bitcoin Revolution has been hijacked, do you hear others echoing this sentiment?