Michael Saylor, CEO of MicroStrategy (MSTR.US), has fired back at venture capitalist Jason Carakanis' assertion that Bitcoin is experiencing a 'dead cat bounce,' signaling his intention to accumulate more of the cryptocurrency. The exchange highlights a fundamental disagreement over the asset's future value anchor, with both parties holding starkly different views on Bitcoin's role and trajectory.
In terms of concrete action hints and financial metrics, Saylor posted a chart showing the company's holdings with the notation 'a bit more orange,' a phrase consistent with his typical language when disclosing purchases, while MicroStrategy (MSTR.US) generally releases its Bitcoin acquisition figures every Monday. However, a filing with the U.S. Securities and Exchange Commission on September 14 revealed that between September 8 and September 13, the company neither bought nor sold any Bitcoin; notably, the prior week's report also showed the same zero-transaction status. As of September 13, MicroStrategy (MSTR.US) held approximately 845,050 Bitcoins, with a total acquisition cost of $63.73 billion and an average purchase price of $75,412 per Bitcoin. Data from Woofun AI shows that the company's last buy occurred on August 31, when it acquired 4,603 Bitcoins for $369.7 million.
Ahead of the announcement, similar hints from Saylor had been interpreted by BeInCrypto as a precursor to a price rebound. Yet, cash constraints pose a real limitation: during the week ending September 13, MicroStrategy (MSTR.US) allocated $139.3 million to repurchase preferred stock rather than increase its Bitcoin holdings, leaving its dedicated purchase account balance at just $1.3 billion. Meanwhile, the stock performance of MicroStrategy (MSTR.US) this year has also been lackluster.
On the opposing side, venture capitalist Jason Carakanis stirred debate on Friday by sharing a chart indicating Bitcoin's annual decline of roughly 31% and asserting that 'the dead cat is still bouncing.' Carakanis questioned Bitcoin's essence after 17 years, arguing it is unsuitable for trading or smart contracts, offers a poor user experience that fails to spark public interest, and even compared it to laser discs in the streaming era. In response, Saylor countered that since 2011, Bitcoin has evolved into the world's most valuable digital asset with a market cap of $1.6 trillion, emphasizing that 'digital capital' is its key use case, and that wealth transfer matters more than pleasing dinner guests, reiterating that 'the orange tie stays on.'
Cathie Wood, founder of ARK Invest, also pushed back against the 'dead cat' narrative, referencing her team's research on the convergence of Bitcoin and artificial intelligence, underscoring that Bitcoin is far from dead and still holds immense growth potential.
From a technical market perspective, Carakanis' view appears misaligned. A strict definition of a 'dead cat bounce' requires the price to break below a prior low for confirmation, yet the current Bitcoin price remains above the roughly $75,000 low seen during the previous rebound. Therefore, his argument is more of a cultural judgment, suggesting Bitcoin lacks new use cases and merely serves as a dull store of value. This narrative-driven stance cannot be proven or refuted through price data alone, reflecting the deeper contest for control over Bitcoin's story in the market.