Bitcoin bull Michael Saylor recently offered a crucial piece of advice to those who invest in Bitcoin: never sell.
This is one of the key Bitcoin rules that the billionaire outlined during his speech at the recent BTC Prague event.
"You do not sell your Bitcoin. What do I mean? Bitcoin is energy. Bitcoin is life. Don't squander your life. Conserve your energy…Don't let the fire go out. When the fire is what keeps your family from freezing, do not let the fire go Don't throw yourself off a cliff," Saylor added.
The piece of advice comes amid Bitcoin's substantial price drop. At press time, the flagship cryptocurrency is changing hands at $65,329 on the Bitstamp exchange, with bullish momentum waning.
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Saylor, a well-known Bitcoin maximalist, railed against diversification in his speech, arguing that "everything else" is inferior compared to the leading cryptocurrency. "Every time you sold it, you gave up the best-performing asset in the world to buy what? Diversification is selling the winner to buy the losers…You only need one chair. You do not sell your Bitcoin," he stressed.
The MicroStrategy cofounder has argued that "the entire world" is constructed to convince Bitcoiners to sell their holdings. "Everybody wants to trade your Bitcoin for their hedge fund, for their stock, for their idea, for their whatever it is, and you just have to keep in mind that…no one is getting rich by telling you not to give them your money," Saylor noted.
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Despite being the biggest corporate holder of Bitcoin by far, MicroStrategy recently announced a $500 million debt sale to increase its BTC holdings. Last week, the convertible offering was increased to a whopping $700 million.
Some naysayers — from gold bug Peter Schiff to banking giant JPMorgan — have criticized the aggressive leveraged buying. The former even warned that creditors could potentially force MicroStrategy to liquidate its Bitcoin fortune if the price of the largest cryptocurrency were to suffer from a substantial correction.