Jim Cramer Trolls Michael Saylor: “Who Murdered Bitcoin?”

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The Bitcoin (BTC) strategy used by business intelligence company Strategy is facing fresh scrutiny after the company’s first BTC sale since 2022 and a sharp market downturn. CNBC host Jim Cramer added fuel to the debate with a brief social media post that many interpreted as a jab at Michael Saylor. The comments arrived as Strategy’s unrealized losses swelled and traders questioned whether the firm’s high-conviction approach can withstand another major drawdown.

Why Jim Cramer Is Targeting Michael Saylor

Cramer’s comment that says “Who murdered Bitcoin?” appeared on June 4 alongside a chart highlighting Strategy’s current position. According to the shared figures, the company had invested nearly $63.9 billion into Bitcoin holdings, and unrealized losses had climbed above $10.8 billion after the recent market decline.

At the same time, Bitcoin plunged from above $73,000 at the start of June to near $61,000 this week before recovering modestly. At press time on June 5, its price stood at $62,463. The selloff has rattled both crypto investors and Strategy shareholders, given the firm’s status as the largest corporate Bitcoin holder in the world.

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The pressure intensified after Strategy disclosed the sale of 32 BTC between May 26 and May 31. The transaction generated about $2.5 million and marked the company’s first Bitcoin sale since late 2022.

Though the amount represented only a tiny fraction of Strategy’s holdings, the move attracted outsized attention because Michael Saylor has spent years promoting a near-absolute buy-and-hold approach.

Strategy Faces Growing Scrutiny

The recent downturn has created a challenging environment for Strategy’s Bitcoin-focused business model.

Critics argue the company’s enormous exposure leaves it vulnerable during sharp corrections. Supporters counter that Bitcoin has historically recovered from similar drawdowns and point out that Strategy continues to hold hundreds of thousands of BTC despite the volatility.

Cramer’s latest jab also landed as bearish voices grow louder across crypto social media. Peter Schiff recently predicted Bitcoin could eventually fall below $20,000, whereas other market commentators have warned that additional liquidations could push prices lower before a durable bottom forms.

Despite the mounting criticism, Saylor hasn’t signaled any change in strategy. He continues to describe Bitcoin as the world’s premier treasury reserve asset and has repeatedly framed short-term volatility as the price investors pay for long-term upside.

The debate now extends well beyond Strategy’s recent 32 BTC sale. It has become a referendum on whether corporate Bitcoin treasury strategies can withstand prolonged market stress without losing investor confidence.