Michael Saylor thinks sales of bitcoin weaken the network
According to Strategy (formerly MicroStrategy) founder Michael Saylor, buying bitcoin (BTC) strengthens the Bitcoin network while selling weakens it. Bitcoiners immediately pounced on this controversial claim. Their first critique is obvious: selling and buying always occur simultaneously. Each BTC purchase is also a sale, meaning there are always an equal number of purchases and sales at any time in the currency’s history. Giving Saylor the benefit of the doubt on this technicality, most critics were fine to assume that he intended to say buying at successively higher prices strengthens the network, and vice versa. However, even this charitable interpretation of the actual mechanics of a financial market didn’t clear much skepticism . When you buy Bitcoin, you strengthen the network. When you sell Bitcoin, you weaken it. — Michael Saylor️ (@saylor) February 15, 2025 Indeed, a prominent Bitcoiner told Saylor to re-read its whitepaper in order to full...