Cramer Asks 'Who Murdered Bitcoin?' as Saylor's Strategy Faces $10.8B Loss

The financial and crypto communities are sharply scrutinizing Saylor's Strategy after the company logged massive unrealized losses. CNBC host Jim Cramer took to social media to mock the prominent Bitcoin bull. Meanwhile, longtime crypto skeptic Peter Schiff piled on with accusations of a collapsing "Ponzi." A few X posts and everyone suddenly fancies themselves a forensic accountant.

Saylor's Strategy is now facing its largest unrealized loss in its history — roughly $10.8 billion, or nearly $11 billion in headline terms. The number is large enough that the loss itself has a market cap in the imagination of gold bugs.

Jim Cramer posted a blunt question on the X platform: "Who murdered Bitcoin?" Traditional finance commentators are now questioning whether Saylor's leveraged accumulation model has finally backfired. Detectives, start your keyboards.

After years of adhering to a "never sell" pledge, the company recently liquidated 32 Bitcoins. Yes, this is a fraction of its roughly $54 billion in holdings, but it marks the first sale since late 2022. Investment advisor Ross Gerber recently lambasted the move as a market "rug pull" driven by greed. Thirty-two coins: either a rounding error or a watershed moment, depending on your portfolio manager.

A "collapse" and a "scam" — Schiff has argued that the current price action is not normal market fluctuation, stating: "This isn't volatility, it's a collapse in price as investors dump Bitcoin to avoid larger losses or to seek out better investment opportunities. It's a rejection of your entire thesis." He noted that Saylor is trapped in a cycle where he "needs to keep buying Bitcoin to stop it from collapsing as others sell." The phrase "buyer of last resort" was apparently too generous for the moment.

According to Schiff, this creates a dangerous dependency: "If he can't issue more stock he can't buy more Bitcoin." The gold bug has accused Saylor of breaking promises to investors regarding the safety of their principal. "If the shares trade at a discount, MSTR can't issue any more shares at par," Schiff argued. "That blows up the Ponzi. So he is forced to raise the dividend to keep the scam going."