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Controversial figure Martin Shkreli issued a stark warning for Bitcoin (CRYPTO: BTC) proxy stock, MicroStrategy Inc. (NASDAQ:MSTR), on Monday, predicting its potential liquidation and a significant Bitcoin surge.
What Happened: Shkreli, popularly known as “Pharma Bro,” took to X to vent his thoughts on MicroStrategy’s ongoing downturn, which has resulted in the stock plummetting more than 15% in a week. The decline coincided with Bitcoin’s corrective action, which caused the leading cryptocurrency to slip below $93,000.
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“Uh $MSTR < $300. We will liquidate you and take BTC to $250,000 without Saylor—poetic justice?” Shkreli made a cheeky jibe at the company’s co-founder and chair, Michael Saylor.
Shkreli sarcastically advised Saylor to sell some of the firm’s Bitcoin holdings to protect against risks. “Best thing Saylor can do is shor (pun intended) up his balance sheet.”
Shkreli has been a vocal critic of MicroStrategy’s widely popular Bitcoin playbook and revealed that he took short positions in the stock. He called the play a “big bubble” and predicted it to end poorly.
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Why It Matters: Shkreli’s comments come amid MicroStrategy’s aggressive Bitcoin acquisition strategy. The company has been on an 8-week buying streak, with the latest purchase on Monday taking its total holdings to 446,400 BTC, worth over $41 billion at prevailing prices.