Michael Saylor posts "Back to Work" as Bitcoin dips below $63K

June began, and with it came the decline in Bitcoin's price. On the 1st of June, BTC was trading at around $74K; by the time Saylor logged on, it had slipped to $62,407.74 — a 6.81% drop in a single day. As Bitcoin breached the $63K level, Michael Saylor took to X and teased, "Back to Work." Interestingly, Saylor has used this exact phrase before. The last few times he posted something like this, he was about to buy more Bitcoin for Strategy's stash. Predictable timing, really.

However, things feel slightly different this go-around. Persistent rumors suggest Strategy might sell more Bitcoin, and those whispers got louder after the firm offloaded 32 BTC for roughly $2.5 million between the 26th and 31st of May. The last time Strategy sold any Bitcoin was in December 2022, when it dumped 704 BTC for tax-loss harvesting — then turned around and bought back 810 BTC a few days later. Classic. That said, the current sale isn't exactly earth-shaking, and Strategy still holds a hefty 843,706 Bitcoin. The MSTR stock, down 7.01% the prior day and trading at $126.55, is what's actually making people nervous.

Meanwhile, the community got louder. Adam Livingston, the self-styled Bitcoin Wizard, pointed out that "If Strategy sells MSTR to pay the dividend, it's a ponzi." According to Livingston, critics of Strategy's Bitcoin-heavy business model find a way to spin every move as doom. Whether the company issues new securities to stack more BTC, sells stock to pay dividends, liquidates Bitcoin, or dips into cash reserves to service debt — opponents will call it a Ponzi scheme, a death spiral, or shareholder dilution. Pick your flavor, they're all on the menu.