Strategy sells 3588 Bitcoin! Time to panic or is it the bottom?#CryptoTownHall

**Dave** (0:00)
Well, good morning, everyone. Looks like people are still celebrating from this weekend or from the World Cup or from whatever, but at least as far as listeners and speakers go.
So it looks like just you and me, Tony. Are you there behind the mic?

**Tony** (0:16)
Wow, Dave. Is it really just me and you?

**Dave** (0:20)
Yeah, so far, so far the producers are inviting people, but it is an interesting morning from a crypto perspective. We're looking at, I mean, I personally, whenever I see Solana go back above my cost basis, it makes me happy.

**Tony** (0:41)
It really sucks, Dave, because we had some momentum. It looked like Bitcoin broke over 63K. Look, it could still go to 70K or so in this relief rally, but then get to sailor news and it really sucks.

**Dave** (0:53)
Well, it's worth talking about that because the truth is, look, I am very critical of strategies trade execution. I'm not going to lie. There are lots of things.
Clearly, they tend to buy the tops. This one, they may be selling the bottom.
But I can't complain about the notion of saying, okay, you want us to have dividend coverage that we wouldn't need to sell anymore. Look, we were able to sell this without anybody knowing we were selling it. Now, we have, what is it, 15 months of dividend coverage. Can't really complain about that because the entire narrative on the way down was, sailors are going to be forced to sell and the market is going to pinwheel out of control and here it is, he sold several thousand Bitcoin market. No one knew. It was definitely a surprise. It is what it is.
I mean, it tells you that this bottom held despite strategy selling instead of buying. So the two narratives that we've heard over and over again were that strategy is the only buyer, everybody's selling into strategy and that's the only reason it hasn't fallen. And the other narrative is that when they go to sell, the market is going to collapse out of control. Well, guess what? They sold and they actually sold lower than where the price was trading after they were finished selling. And so it really did crush both narratives. And so if you think about it from a perspective of, not just from trends and charts, I mean, it's not bad news. Now, is it good for MSTR holders? I don't think so, but whatever. But from a Bitcoin perspective, I think that it's actually somewhat positive. I mean, it's kind of perverse, but true. The other thing that is true is anybody who trades the orange dots and buys when the seller announces his buys and loses money, because the next day it generally reverses. So it stands to reason that anyone who sells when the seller sells after he's already done it is probably going to lose money as well. So those two facts tend to make me think that it's not such a big deal. I mean, am I crazy?

**Tony** (3:07)
No, I agree with you. But I think that saying perception is often greater than the reality of a situation. So totally agree with you. But I think a lot of people are holding on to the fact of the seller essentially sold for many years, did aggressive marketing of I will never sell, strategy will never sell. And now they're backtracking on that. And yes, is that embellished a bit by some of the bears that the entire world is going to collapse, Bitcoin is going to collapse and so forth. Yes, because they're shorting.
So I think to your point, you're right. But the perception out there, the headlines, all these things, they have legs because of sailors aggressive marketing over the years.

**Dave** (3:48)
Yeah. I mean, that, while that is absolutely true and you can't argue with it.
And it is going to get him personally some angst. And his lawyers are, I'm sure, dealing with a lot of shareholder lawsuit type stuff. I mean, by the way, that trading shareholder lawsuits generally is a fool's errand. You know, certainly in the long run, you can, if you're nimble, you can make money, but it's, it's hard. But, you know, and yes, people like me, I have often said that sailors, you know, philosophical tweets or some of the, some of the memes that he posts are probably not the right thing to do for a lot of reasons. But what is interesting here, and I see Gary as a listener, Cardona, it would be good if you could speak. I'd be curious because you're probably looking at it like me. Being told that in a week when Bitcoin looks to have bottomed, that Sailor was selling instead of buying, that gets rid of the narrative that there are no buyers outside of Sailor, and that matters. I'd be curious what you think if you can come up here, Gary. I don't know if you can hear my voice. You never know with this platform, but you show up as a listener to me. But yeah, I think that that's really what's going on. Look, interestingly, today is an interesting day. You have to look at it this way.