The Bitcoin world is abuzz with a heated exchange between two prominent figures: Max Keiser, a staunch Bitcoin advocate, and Michael Saylor, the co-founder of MicroStrategy. The dispute centers around El Salvador’s Bitcoin strategy, which has drawn both praise and criticism.
Keiser took to X (formerly Twitter) to respond to Saylor’s skepticism about El Salvador’s Bitcoin investments. Saylor had questioned the logic of accumulating Bitcoin without expecting a yield, suggesting that El Salvador might have to liquidate its Bitcoin holdings to cover expenses in the future. He argued that if El Salvador doesn’t generate any yield on its Bitcoin investment, it would eventually need to sell some of its holdings.
Keiser, who serves as a senior Bitcoin advisor to El Salvador’s President Nayib Bukele, vehemently disagreed with Saylor’s assessment. He countered that El Salvador is successfully reducing its debt and growing its GDP while simultaneously buying more Bitcoin. Keiser also highlighted the lack of counterparty risk associated with El Salvador’s Bitcoin strategy, in contrast to Saylor’s own company, MicroStrategy, which holds a significant amount of Bitcoin. He concluded his statement by demanding an apology from Saylor, accusing him of slander.
This public disagreement is particularly noteworthy considering Keiser’s past endorsement of Saylor’s Bitcoin strategy. Just months ago, Keiser had praised Saylor for his role in elevating Bitcoin’s status and paving the way for Bitcoin ETFs. However, his recent criticism suggests a change in his opinion.
El Salvador continues to add to its Bitcoin reserves, currently holding over 5,800 Bitcoins, valued at more than $372 million. The country remains committed to its Bitcoin strategy, despite the ongoing controversy.
The debate surrounding El Salvador’s Bitcoin strategy is likely to continue, particularly with prominent figures like Saylor and Keiser holding opposing views. It remains to be seen how this ongoing dialogue will shape the future of Bitcoin adoption and its role in global finance.
