Will Michael Saylor pull the rug?

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

While Michael Saylor, the frontman of Strategy, is widely celebrated as the biggest Bitcoin bull, some consider him a potential threat to the Bitcoin network.

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

On Mar. 31, Strategy (formerly known as MicroStrategy) bought $2 billion worth of bitcoins. The company now holds 528,185 BTC, representing over 2.5% of the total Bitcoin supply. In the 2020s, Michael Saylor became one of the most prominent Bitcoin advocates. On the surface, his strategy is simple: buy as much Bitcoin as possible. He has urged the U.S. government to do the same.

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

Saylor’s approach to Bitcoin deviates from the original ethos of inclusivity, leaning instead toward reinforcing the leadership of U.S. banks in the global economy. Some critics say Saylor’s visibility sets him up as a de facto “Bitcoin leader,” even though Bitcoin was explicitly built to function without one. They fear Saylor’s personal views and influence could cast a shadow on Bitcoin’s decentralized philosophy. Moreover, many people are simply afraid that someday Michael Saylor will pull the rug, causing a critical Bitcoin price drop.