Bitcoin critic Mr. Whale published a detailed report saying Saylor has been selling his BTC for months while urging others to “take out double mortgages and go all-in”.
Mr. Whale digs into the past of Michael Saylor wherein he compares his investment failures of the dot-com bubble of the late 90s. Citing an article from the Fortune Magazine, Mr. Whale says that Saylor lost a whopping $13.5 billion back then, the most by any individual. Mr. whale writes:
His investment failures came from years of negligent accounting practices, fraud, and overall terrible leadership. It’s clear his companies valuation is solely based on his ability to attract hype by engaging in popular “trends”, which we saw with their eagerness to be at the center of the dot-com bubble, and now with the Bitcoin bubble.
Later in 2000, the U.S. SEC also accused him of fraud. As a result, Saylor had to pay $350,000 as a penalty to the SEC and $8.3 million to shareholders.
Mr. Whale digs into some of the old tweets by Michael Saylor wherein he has criticized Bitcoin. In some of his very old tweets, Saylor wrote that “Bitcoin’s days are numbered” and that it doesn’t hold any intrinsic value.
Mr. Whale accuses Saylor of creating the Bitcoin hype and attracting investors into buying BTC and his company’s stock. He further adds that Michael Saylor and his company’s insiders could dump the stock at extremely overvalued prices.
Mr. whale says that Saylor is playing theatrics with his assuring words that he has “no plans to sell Bitcoin in the next 100 years”. Instead, the Microstrategy CEO has an exit plan in place. Furthermore, the whistleblower also accused Saylor of swaying people to buy BTC in September 2021. Mr. Whale said that it was an attempt from Saylor to gather enough liquidity to dump their own holdings. The whistleblower writes:
Back in September 2021, I warned investors that Michael Saylor was secretly dumping his shares. This week, it was confirmed to be true. Michael Saylor has transferred his BTC to a secondary address that has been using Coinbase and Okex to sell bitcoins.
He says that Saylor’s company MicroStrategy sold $63 million worth of BTC while announcing its purchase. “Microstrategy has dumped over 8000+ Bitcoin. I expect them to dump more in the coming months. Be careful out there bulls,” he writes.