Max Keiser, Bitcoin advocate and advisor to El Salvador’s president, has voiced concerns on Twitter about the resilience of new Bitcoin treasury companies, commonly referred to as “Saylor clones,” on May 30, 2025.
Keiser’s comments highlight potential vulnerabilities in Bitcoin treasury strategies during market downturns, drawing attention from analysts and investors who are weighing the implications on Bitcoin’s stability and corporate adoption.
Keiser Questions New Firms’ Market Durability
Max Keiser, known for his staunch Bitcoin advocacy, has publicly doubted the resilience of new corporate Bitcoin treasuries. Through a Twitter post, he emphasized the unproven endurance of these newcomers in unfavorable markets. Keiser referenced Michael Saylor’s strategy, highlighting MicroStrategy’s disciplined approach to Bitcoin holdings. Unlike new adopters, Saylor maintained his BTC assets through market lows, continuously acquiring more Bitcoin.
“The Strategy clones have not been tested in a bear market. Saylor never sold and just kept buying, even when his BTC position was underwater. It is foolish to think the new Bitcoin Treasury Strategy clones will have the same discipline.” — Max Keiser, Bitcoin Advocate and Advisor to El Salvador
Analyst Debates on Corporate Bitcoin Sustainability
Keiser’s remarks have sparked discussions among crypto enthusiasts and analysts debating the sustainability of corporate Bitcoin strategies. Investors are evaluating whether these new firms can stand firm in potential downturns, mirroring Saylor’s approach. Potential outcomes include market concentration risks if corporate buying persists, raising concerns over financial authority influence. Keiser’s critique aligns with regulatory worry about stablecoin impacts on Bitcoin and U.S. Treasury holdings.
MicroStrategy’s Legacy and New Entrants’ Challenges
The surge in corporate Bitcoin adoption initiated with MicroStrategy in 2020. Like previous cycles, bullish momentum faced downturns, challenging long-term holding. Keiser argues that current firms lack prior adverse conditions experience. According to Kanalcoin analysts, Keiser’s points accentuate the need for firms to adapt proven strategies. Predictive models suggest new treasuries may face challenges due to current market volatility and less proven resource allocation skills.
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