MicroStrategy Chairman Warns Against Rising Bitcoin Scams
Michael Saylor, the Chairman of MicroStrategy, has issued a stern warning about the growing prevalence of scams within the Bitcoin community.
Saylor disclosed that his team diligently works to remove around 80 deceptive YouTube videos daily that exploit MicroStrategy’s name. This troubling trend underscores the importance of vigilance within the community as bad actors attempt to leverage the reputable image of MicroStrategy for their illicit schemes.
Saylor specifically cautioned against falling victim to scams that falsely promise free Bitcoin in exchange for scanning a barcode, shedding light on the industry’s disturbing pattern of scammers prompting users to take certain actions to demonstrate engagement, all under the guise of earning rewards.
One particularly common scam involves scammers persuading unsuspecting users to send funds to a designated wallet, promising to double the amount within a short timeframe. Despite the alluring nature of such promises, Saylor stressed that there is no risk-free method to double one’s Bitcoin, dispelling any misconceptions that might be circulating within the community.
MicroStrategy, as the largest non-crypto-focused firm with substantial Bitcoin holdings, has become a prime target for these scams, given its influential role in the crypto community.
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MicroStrategy currently holds an impressive 189,150 BTC, with the recent addition of 14,620 BTC purchased for approximately $615.7 million in December 2023.
Caution is particularly emphasized in light of the recent introduction of Spot Bitcoin ETFs, marking the end of a decade-long regulatory stalemate. This development heightens the risk of an upsurge in scam activities, capitalizing on the buzz surrounding these ETFs and the growing interest from non-crypto native investors.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
