Bitcoin Bulls All Have A Breaking Point
"Everybody's got a number..."
One of the most persistent narratives in Bitcoin is that its most committed advocates will “never sell.” The idea is that true believers simply accumulate, hold through every cycle, and never waver regardless of price. But reality is more complicated, as we saw over the last week.
Michael Saylor had became synonymous with the idea that Bitcoin should be held indefinitely, regardless of volatility. Yet when markets become stressed, even the strongest narratives tend to evolve. Saylor sold 32 bitcoin at the end of May. Not the end of the world, but enough to shatter his own narrative, as I wrote earlier this week.
And something that may shock bitcoin bulls is that Saylor isn’t the only example.
Saifedean Ammous—author of The Bitcoin Standard and one of Bitcoin’s most influential intellectual advocates—was asked directly this year whether there was a price at which he would admit his thesis was wrong and sell.
His answer surprised me, and I think would also surprise many bitcoin bulls.