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Michael Saylor’s Confidence in Bitcoin Faces Scrutiny Amid Downturn For MicroStrategy

Analyst Team trader
Updated 18 Apr 2024

MicroStrategy Incorporated's (NASDAQ: MSTR) stock performance is up more than 2% as we get towards the end of today's session, and this will be welcome news to holders. In the previous 5 days it has been a bitter pill to swallow, with the share price losing 333.51 points which translates to 21.78%.

The noticeable downturn has caught the attention of cryptocurrency investors and market analysts. Michael Saylor, the founder and executive chairman of MicroStrategy, has an undiminished confidence in Bitcoin, he remains an advocate and investor in the digital currency, and is staying bullish.

Bitcoin (BTCUSD) in the last 5 days has dropped significantly. The price of bitcoin has fallen from earlier highs over $73,000 on March 13th and now it sits at a trading range between $61,000 and $63,000. During the time it took for the 21.78% drop in MSTR shares (from Thursday 11th) to occur, BTC has dropped just 10.1%. The last month in MSTR has seen a dip of 19% against BTCs pullback of 6.9%.

Saylors' optimism might seem incongruent with market sentiments. His call to elevate the mindset around cryptocurrency has resonated with many enthusiasts, lending him a degree of influence as a driving force within the Bitcoin community. This influence, however, has not shielded him from scrutiny.

Adding an element of controversy to the discourse, some Bitcoin stalwarts, commonly known as ‘whales,' have started to offload their holdings. This action, paired with Saylor's own consistent sale of shares in MicroStrategy over the past weeks has prompted a wave of criticism. Detractors argue that such moves send a mixed message regarding the long-term stability and faith in Bitcoin's prospects.


The recent downward price swing in Bitcoin, which saw a sharp drop of close to 7% in less than 24 hours—a slump to its lowest valuation since February—has elicited a spectrum of reactions across the Bitcoin community. For some, it's a temporary setback; for others, it's a cause for alarm.

For a stock with a market cap over $20bn to trade at practically twice the volatility level of a cryptocurrency would have seemed nigh on impossible previously, but that is what is taking place at MicroStrategy. Where Michael Saylor stands in this is clear. Despite the unpredictable tides of the cryptocurrency market, he remains a steadfast believer in the intrinsic value and the future promise of Bitcoin. Whether his insistence to maintain an elevated perspective on Bitcoin will be enough to ride out the storm is a question that only time can answer.

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The AskTraders Analyst Team features experts in technical and fundamental analysis, as well as traders specializing in stocks, forex, and cryptocurrency.