Saylor Breaks Silence After Cramer Says He "Murdered" Bitcoin

Strategy's Michael Saylor finally broke his silence on allegations of causing the BTC crash, responding to Jim Cramer with a quote that Monty Python would approve of. Industry stakeholders like CryptoQuant CEO Ki Young Ju came in to share their views in support of Saylor, though Bitcoin kept declining through the crossfire, reaching as low as $59,000.

Bitcoin advocate and Strategy Executive Chairman Michael Saylor has responded to Jim Cramer blaming him for the recent BTC selloff. His comments coincided with Bitcoin slumping to $59,000, the lowest level in nearly two years.

On X, Cramer posted that "Saylor murdered Bitcoin" as the BTC price tumbled. For context, Bitcoin broke down from the $60,000 level during Friday's trading session. The BTC price has declined by over 7% in the last 24 hours. Moreover, it has lost almost 20% in the past seven days, triggering billions in long liquidations.

However, Saylor immediately brushed aside the claim with a quick response. He wrote, "It's just a flesh wound, Jim." The topic also picked up steam as other industry participants weighed in. CryptoQuant CEO Ki Young Ju offered his remarks as he backed Michael Saylor.

He stated that Saylor's role in Bitcoin's sell-off is neglecting the bigger picture of the market that has been driving price action throughout the last two years. Ju noted that criticism over Bitcoin's price decline should be directed more at OG whales than at Saylor, pointing to big waves of Bitcoin selloffs by early investors. Thus, he wondered why they should be treated as equivalent to Saylor's relatively small amount of Strategy's 32 BTC sale.

"Can we really compare the 1.24M BTC that OG whales sold to Saylor and ETFs over the past two years with the 32 BTC Saylor sold?" he questioned. Ju contended that aggressive institutional accumulation by Saylor and spot ETFs could have supported the Bitcoin upside in the past, saying the increasing demand absorbed a large amount of the supply that has flooded the market. "Bitcoin is much higher today because of Saylor's buying. The market should give him more credit," Ju said.

Ju said that he didn't believe Michael Saylor was the only one to blame for the poor performance of Bitcoin, adding that the "death spiral" narrative seemed to be overdone. He noted that he remains open to "well-researched, data-driven analysis" if there is something to it that questions his judgment, wrapping up the rare sight of a CryptoQuant CEO and a Strategy chairman on the same side of a Cramer-shaped firing squad.