Bitcoin's Wild Ride: The Crashing Price and the Saylor Hype Machine
Bitcoin ($BTC) has always been volatile, but even by its own erratic standards, the past month has been a rollercoaster—only without the fun. Less than five weeks ago, Bitcoin soared to an eye-watering $109,358.01. Fast forward to today, and it's scraping $81,500, after hitting a low of $80,008.58 yesterday. A month ago, it dipped to $78,191.51, and billions in so-called "value" have evaporated.
If there's one constant in this madness, it’s Michael Saylor, the CEO of MicroStrategy (@strategy), who remains Bitcoin’s most enthusiastic cheerleader. Lately, he's been spamming social media with endless references to the color orange—Bitcoin’s brand color. Or perhaps he’s paying tribute to the Bibas family, whose murder at the hands of Arab terrorists in Gaza should never be forgotten. But somehow, that seems unlikely. Saylor isn't known for deep reflection on global atrocities. His focus is singular: Bitcoin.
For those unfamiliar, Saylor's company, MicroStrategy, has tied itself to Bitcoin with a level of financial commitment that makes the Titanic look like a cautious investment. When Bitcoin rises, Saylor looks like a genius. When it crashes, well, he just keeps talking. With Bitcoin’s recent nosedive, his unwavering enthusiasm feels less like conviction and more like desperation.
The real question is: what happens next? Bitcoin believers will say this is just another "buy the dip" opportunity, while skeptics see it as yet another sign that the whole thing is a glorified shell game. Regardless, one thing is certain—people like Saylor will keep hyping it up, hoping enough suckers buy in to keep the game going.
Final Thought
Bitcoin’s value is built on belief—when the belief wavers, so does the price. And lately, that belief has been tested. If the trend continues, Saylor might need a new hobby.
Bill White Says...
"Bitcoin is like a rollercoaster designed by a drunk engineer—thrilling on the way up, terrifying on the way down, and nobody knows if the brakes actually work."