Max Keiser Attacks Michael Saylor For Finding Fault With El Salvador's Bitcoin Strategy: 'You Owe Nayib Bukele An Apology'

Aniket Verma

September 19, 2024

Staunch Bitcoin (CRYPTO: BTC) advocate Max Keiser slammed MicroStrategy Inc. (NASDAQ:MSTR) co-founder Michael Saylor for casting aspersions on the Bitcoin strategy adopted by the Nayib Bukele-led El Salvador administration.

What Happened: Keiser took to X on Thursday to respond to Saylor’s broader argument questioning investments in Bitcoin without any expectation of a yield on it.

During an interaction with Saifedean Ammous, the author of the famous book “The Bitcoin Standard,” Saylor asserted that El Salvador would eventually have to liquidate their Bitcoin stash to pay their expenses if they don’t get any yield on it.

“I put the question to you. What’s the point of El Salvador or your family accumulating all of your capital in Bitcoin if you expect zero yield forever and you’re never going to borrow against it,” the Bitcoin billionaire added.

Keiser, who serves as senior Bitcoin adviser to El Salvador President Nayib Bukele, did not take these observations well.

“Michael Saylor is unequivocally wrong while slandering El Salvador. El Salvador is reducing debt & growing GDP (and buying more Bitcoin every day) without exposing El Salvador to the counterparty risk that Saylor is exposing his shareholders to,” Keiser hit back. “You owe Nayib Bukele an apology, dude.”

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.@saylor is unequivocally wrong while slandering 🇸🇻

El Salvador is reducing debt & growing GDP (and buying more Bitcoin every day) WITHOUT exposing 🇸🇻 to the counterparty risk that Saylor is exposing his shareholders to.

You owe @nayibbukele an apology, dude. https://t.co/8dq4YD6rGU
— Max Keiser (@maxkeiser) September 19, 2024

Why It Matters: Keiser’s fiery response was noteworthy given his endorsement of Saylor’s Bitcoin strategy in the past.

In January, Keiser credited Saylor for taking Bitcoin “out of the shitcoin gutter” and setting the stage for Bitcoin ETF approvals.

Shout out @saylor who took #Bitcoin out of the shitcoin gutter and set the stage for today's ETF approval.
— Max Keiser (@maxkeiser) January 11, 2024

Just last month, he heaped praise on MicroStrategy’s stock, underscoring its limitless growth potential.

There are still people who are financiers for decades who STILL don't understand what $MSTR is doing and that the stock LITERALLY has no top.
— Max Keiser (@maxkeiser) August 1, 2024

El Salvador has doubled down on Bitcoin ever since adopting the world’s largest digital currency as a legal tender in 2021. The country has adopted a plan to buy one Bitcoin every day, until it becomes unaffordable with fiat currencies.

As of this writing, the Central American nation holds 5,878.76 Bitcoins in its reserves, worth more than $372 million.

Price Action: As of this writing, Bitcoin was exchanging hands at $63,317.85, up 2.01% in the last 24 hours, according to data from Benzinga Pro.

Photo Courtesy: Shutterstock.com

Read Next:

Bitcoin’s Reserve Asset Appeal Increased Due To State Of US Federal Deficit And Debt, Says BlackRock: A Hedge Against ‘Possible Future Events’ Affecting The Dollar

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