Bitcoin Cannot Be Killed by Saylor’s Strategy or Any Single Entity: Alden

The author of Broken Money and The Stolguard Incident, Lyn Alden, has taken to X to defend BTC amid the recent drama that stemmed from Strategy’s decision to sell a tiny portion of its crypto holdings for the first time in about four years.

Other popular names that defended the asset include Samson Mow, who believes corporations such as Strategy are free to buy because BTC was “designed for this.”

It Wasn’t Meant to Be

The Michael Saylor-founded business intelligence giant turned massive bitcoin buyer attracted significant backlash over the past couple of weeks for its decision to dispose of a fraction of its total BTC holdings, selling 32 units. Unlike what some critics believed at the time, this wasn’t a capitulation event. The sale was necessary to support preferred stock distributions, including cash dividends across the company’s stock series.

Nevertheless, the cryptocurrency tumbled in the following week or so, going from over $75,000 (its price when the sale was conducted) to a 19-month low at $59,100. Although there were multiple other factors behind the decline, some pointed to Strategy’s decision, which may have caused some FUD.

This prompted some well-known names, such as Jim Cramer, to publicly blame Saylor and Strategy for their alleged role. The company’s former CEO was quick to respond and, in a more recent speech, explained he never said Strategy won’t sell if it’s necessary to do so. However, he remains a firm believer that individuals should not sell.

Lyn Alden also didn’t support the narrative that Strategy can single-handedly ‘kill’ bitcoin as Cramer claimed. In fact, he noted that if the cryptocurrency and the network behind it can be killed by one entity buying it, then “it wasn’t meant to be.”

Mow Concurs

Samson Mow, CEO of Jan 3 and a long-term bitcoin proponent, agreed with Alden’s statement. In a comment below the original post, he argued that BTC is not a proof-of-stake system; it allows corporations and nation-states to buy it, as ownership doesn’t “confer control.”

Moreover, he added that this is precisely what bitcoin was designed for.

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