‘We are buying’: Michael Saylor denies reports of Strategy dumping BTC

XRP has demonstrated significant resilience in the cryptocurrency market, achieving an impressive 89% gain over the past 365 days. Despite recent price losses, XRP's performance stands in stark contrast to Bitcoin (BTC), Ethereum (ETH), and CD20, which have all experienced muted returns during the same period. This highlights XRP's unique position in the current market landscape.

Michael Saylor, executive chairman of MicroStrategy (MSTR), has stated that the company's strategy is designed to endure a significant Bitcoin crash. In a live interview on November 14, Saylor emphasized that even a drastic drop in Bitcoin's value would not compel him to liquidate MicroStrategy's core holdings. He indicated that Bitcoin would need to fall by 90% for the company to face serious collateralization issues, highlighting the strength of its balance sheet with approximately $8 billion in debt and substantial equity tied to Bitcoin.

Bitcoin has fallen below a key support level, breaking a bullish pattern. This decline indicates a shift in market sentiment, as the cryptocurrency struggles to maintain its previous upward trajectory. Analysts are closely monitoring this development to gauge the potential implications for future price movements.

Bitcoin's price has dropped over 3%, failing to recover above $96,500. Currently trading at $92,890, it has formed a bearish trend below key levels, including $95,000 and $94,500. The price is consolidating losses near the 23.6% Fibonacci retracement level from a recent high of $103,998, with potential further declines if it settles below the $92,500 zone.

Peter Schiff has labeled the model of Strategy as a 'fraud' and has issued a challenge to Michael Saylor for a debate. Additionally, Schiff has also called for a debate with Binance co-founder Changpeng Zhao, which is set to occur in December in the United Arab Emirates. This statement reflects Schiff's ongoing criticism of cryptocurrency strategies and their proponents.

Peter Schiff has publicly labeled the model of Strategy as 'fraud' and has issued a challenge to Michael Saylor for a debate. Additionally, Schiff has extended a debate invitation to Binance co-founder Changpeng Zhao, with the event scheduled to occur in December in the United Arab Emirates.