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Michael Saylor got wrecked, but Bitcoin investors needn't panic

Published 09/01/2022, 04:09 PM
Updated 09/01/2022, 05:40 PM
Michael Saylor got wrecked, but Bitcoin investors needn't panic
BTC/USD
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As cryptocurrency investors know, the market moves in cycles. We had the up-cycle when Bitcoin (BTC) and Ether (ETH) hit their all-time highs, and now the bears are back in town.

One of them mauled MicroStrategy founder and executive chairman Michael Saylor this week. In this case, it was a very powerful bear — Washington, D.C. Attorney General Karl Racine — suing the Bitcoin evangelist for allegedly owing $25 million in unpaid taxes. MicroStrategy’s stock price has fallen more than 13% on the news, from $251 on Aug. 29 to less than $220 on Sept. 1.

OpenSea users, volume and transactions statistics. Source: DappRadar

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This kind of ********only happens in bear market
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