The High Cost of Hype: How Bitcoin Maximalists Leave the Poor Holding the Bag
- WireNews
- 1 day ago
- 4 min read
by Ram ben Ze'ev
On 15 March 2025, Bitcoin hit an all-time high of $109,358.01. The headlines were predictable. Twitter (or X, as it now calls itself) erupted with laser-eyed avatars, "Buy the dip" chants, and the tired repetition of crypto cult dogma: Bitcoin fixes this. You’d think the world had discovered a new form of salvation.
But now, a month later, Bitcoin struggles to remain above $85,000—and the silence from its loudest apostles is deafening. For many who followed the hype, that $24,000 drop isn't just a number—it's a personal financial crisis. They entered the market at its peak, convinced by flashy YouTube videos, slick interviews, and carefully curated posts from influencers with vested interests.
Let’s be clear: they were duped.
These were not sophisticated traders with risk-mitigation strategies. They were retail investors. Mothers, students, retirees, freelancers—many of them staking amounts small on paper, but significant in reality. A $1,500 buy-in may sound trivial to a hedge fund manager. But to someone living paycheque to paycheque, it’s months of effort, a lifeline, or the last hope of building a future.
And who was the loudest voice cheering them on?
Enter Michael Saylor and MicroStrategy (now rebranded “Strategy”)
With over 200,000 BTC under its belt, Strategy is the single largest corporate holder of Bitcoin. While rebranding away from “Micro” to appear bolder and broader, the core business strategy remains singular: accumulate Bitcoin at any cost.
Michael Saylor, the executive chairman of Strategy (formerly MicroStrategy), has long been a vocal proponent of Bitcoin. On February 28, 2025, amidst Bitcoin's decline below $80,000, Saylor posted on X: "Sell a kidney if you must, but keep the Bitcoin." Such remarks, especially from the head of a publicly traded company, have drawn criticism for promoting reckless financial behaviour. This isn't the first time Saylor has made foolish statements; in the past, he suggested mortgaging homes to buy Bitcoin. These comments raise questions about the responsibilities of corporate leaders and whether such advice should attract scrutiny from regulatory bodies like the SEC. It's not only Saylor, of course, it's the fools who repeat his nonsense.
But what’s the endgame or strategy, for Strategy?
Saylor will tell you that Bitcoin is the future, that fiat is dying, and that buying BTC is like buying Manhattan in the 1800s. Romantic, persuasive—and misleading. Because there are only two realistic outcomes for Strategy:
Borrow endlessly against its Bitcoin stash, betting that the price keeps rising faster than its debt obligations—essentially a game of high-stakes musical chairs.
Sell—either slowly over time or abruptly when the market becomes frothy enough to absorb the shock.
And when they sell, let’s not delude ourselves: it will be a disaster for the price of Bitcoin. The sell pressure from even a fraction of Strategy’s holdings would crush support levels. Not dip. Not retrace. Plunge. Collapse. Freefall. Like the Twin Towers on 9/11, the fall will not be graceful. It will be sudden, violent, and devastating to everyone still inside the building—and the shockwaves will be felt across the world, just as they were then.
"Retail is the Exit Liquidity"
This phrase has become something of a meme in crypto circles, but it should be taken literally: the average investor is the exit plan for the institutions and early adopters. They buy early, convince you to buy late, and then offload at your expense. The entire model depends on one thing: belief. As long as retail believes the price will go higher, the game continues.
But belief is a poor foundation for financial security.
In the 48 hours surrounding Bitcoin’s all-time high of $109,358, an estimated 50,000 to 60,000 BTC changed hands across global exchanges. Analysts estimate that 70–80% of that volume came from retail investors—individuals purchasing small amounts, often less than 0.05 BTC per transaction. That translates to over 800,000 unique wallet addresses likely buying into the hype near the top. These weren’t institutional whales or algorithmic traders. These were people investing a few hundred to a few thousand dollars—amounts that, for many, represented months of hard-earned savings. The scale of this retail wave wasn't organic—it was fuelled by social media campaigns, influencer pressure, and the persistent drumbeat of Bitcoin maximalists preaching inevitable riches.
At $109,000, volumes spiked not because institutions were buying—they were rebalancing, taking profit, or watching from the sidelines. The buyers were mostly small investors, buying in small batches: $100 here, $1,000 there. Some maxed out credit cards. Some used student loans. Some raided their savings.
Why? Because people like Saylor made it sound like the opportunity of a lifetime. Because media coverage amplified every bullish prediction and downplayed every caution. Because human psychology is vulnerable when hope is all we have left.
And now, they wait. Watching charts. Clutching mobile apps. Praying for recovery. But hope is not a hedge.
Strategy Has a Strategy—Do You?
People need to ask the obvious: What is Strategy’s exit plan? The company has three options:
Continue borrowing (unsustainable)
Sell quietly (unlikely given size)
Or dump and exit with profit (inevitable)
What do you think will happen when they choose the third? And more importantly: who will be left holding the bag?
A Market Designed to Enrich the Rich
Bitcoin, as a technology, may indeed have value. But the way it’s promoted—the cult-like fervour, the endless hype, the coordinated media push—is not about technology. It’s about profit. It’s about pumping the price high enough that those with massive early holdings can convert digital dreams into real-world billions.
The Saylors, the whales, the major Bitcoin holders—they have every reason to hype it. They're incentivised to. But you? You have one life, one job, one savings account. You can't afford to play their game.
If You Cannot Afford to Lose It, You Shouldn't Be in It
Let that sentence echo. If you cannot afford to lose it, you should not be in it. Period.
When this market collapses—and it will, as all unsustainable parabolas do—no influencer will apologise. No billionaire will refund your losses. No post on X will bring your savings back.
You were never invited to the banquet. You were the meal.
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Bill White (Ram ben Ze'ev) is CEO of WireNews Limited, Mayside Partners Limited, MEADHANAN Agency, Kestrel Assets Limited, SpudsToGo Limited and Executive Director of Hebrew Synagogue.