In 2023, Michael Saylor sells 700 Bitcoins to reduce his taxes. According to Peter Schiff, the perseverance of Bitcoin holders will be tested.
Peter Schiff, a critic of bitcoin and a gold enthusiast, criticized Bitcoin holders who were bullish about 2023 despite the cryptocurrency plummeting 65% in 2022.
Hodlers Remain Unwavering Despite Schiff’s Teasing
Immediately after asking if investors would sell if Bitcoin reached $5,000, Later, Schiff tweeted about the price threshold at which holders would have to recant their Bitcoin beliefs.
Nearly 10% stated they would sell at $5,000 as of publication, while the majority claimed they would keep Bitcoin even if the price fell to zero. Almost a quarter declared they would sell if it fell below $1,000, and the remaining put the threshold at less than $10,000.
How low does #Bitcoin have to fall before you admit that you’re wrong and sell your stack?
- Below $10K
- Below $5K
- Below $1k
- I’m right. HODLing till 0
Bitcoin has lost almost three-quarters of its value after reaching a peak of about $69,000 on November 30, 2022, due to several crypto firm failures and bleak macroeconomic conditions. Due to selling pressure from investors attempting to reduce risk in their portfolios in the face of growing inflation, Bitcoin fell along with other risky assets and equities.
Saylor Defends MicroStrategy’s Bitcoin Holdings Despite Recent Sale
However, the bear market hasn’t dampened MicroStrategy’s excitement for waiting around, which some have said may develop into a full-blown recession.
The business purchased the dip on December 22, 2022, putting 2,395 BTC on the books.
Technocrats investing in Bitcoin expect to see returns over a 5-10 year period due to the macroeconomic climate, according to MicroStrategy’s Executive Chairman Michael Saylor.
On the other hand, he noted that MicroStrategy is a member of a maximalist group that believes Bitcoin is beneficial for humanity and whose long-term investments aim to advance Bitcoin’s adoption.
The company recently purchased 810 BTC a few days after selling 704 BTC for over $12 million.
Saylor acknowledged that selling Bitcoin results in a financial loss that can be used to offset the capital gains tax imposed on MicroStrategy’s enterprise software business. However, he insisted that he still adheres to his maximalist worldview. Profit from the sale of an investment made by a company is subject to capital gains tax.
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He agreed, saying that our shareholders like it when we act tax-efficiently. The firm’s investor relations manager, Shirish Jajodia, the plan for BTC is to buy and hold it for a long time.