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Michael Saylor Issues 'Indiana Jones Warning' on Bitcoin (BTC)

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Sat, 11/05/2024 - 8:01
Michael Saylor Issues 'Indiana Jones Warning' on Bitcoin (BTC)
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Founder and chairman of MicroStrategy business intelligence giant Michael Saylor has issued a new Bitcoin tweet, which contains a warning to those who seek investment tools other than BTC.

Saylor is a vocal Bitcoin evangelist who stood behind the idea of MicroStrategy implementing regular BTC purchases over the past four years. Now, he is promoting the world’s paramount cryptocurrency daily on the X platform.

Saylor issues "Indiana Jones warning" to crypto investors

On Friday, Saylor issued a warning, similar to the one pronounced by the knight who guarded the Holy Grail in the classic “Indiana Jones and the Last Crusade” movie — “Choose wisely.”

Being a Bitcoin maximalist, Saylor hints that he believes BTC to be the only crypto in the market. Unlike Max Keiser, he does not openly (and not so frequently) criticize altcoins and does not use the “s-coin” word when talking about them. However, in a recent public statement, Saylor said outright that he believes XRP, SOL, ADA, ETH and other altcoins to be unregistered securities, thus agreeing with the SEC stance.

Saylor said that he expects quite soon all altcoins to become officially labeled as securities, and then only those holding Bitcoin will win. BTC so far is the only cryptocurrency that has been qualified by the SEC and the CFTC as a commodity. Ethereum has this status as well, however, recently it seems to have become questioned by the SEC leader Gary Gensler. The latter has initiated a real witch-hunt on altcoins and U.S. cryptocurrency exchanges recently for trading them.

Related

Bitcoin plummets by 5%

Over the past 24 hours, the flagship cryptocurrency has lost almost 5% of its market price, descending from $63,284 level to the $60,300 zone in one massive red candle on an hourly chart under the pressure of a descending triangle pattern forming on the chart.

By now, the price has made a marginal rebound of over 1%, and BTC is changing hands near the $60,920 level.

Prominent crypto analyst and trader Michael van de Poppe tweeted yesterday that he expects Bitcoin to follow a scenario that may take BTC to a low of $55,000-$52,000. This is likely to happen, he specified, if Bitcoin loses the range where it is trading at the moment — $61,000-$60,000.

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