Bitcoin (BTC) Price Nosedives by Over 10% After Former MicroStrategy CEO Michael Saylor Posts Bizarre AI-Generated Picture of Himself Riding a Bitcoin Surfboard in a Business Suit

The price of Bitcoin (BTC), the leading cryptocurrency by market cap, has plunged by more than 10% since former MicroStrategy CEO Michael Saylor posted a bizarre picture of him riding a Bitcoin surfboard in a business suit.

The price of Bitcoin (BTC) has crashed by more than 10% after former MicroStrategy CEO Michael Saylor posted a bizarre picture of himself riding a Bitcoin surfboard in a business suit.

The price of the largest cryptocurrency quickly collapsed to $53,661 after Saylor posted the AI-generated picture on Thursday.

Earlier today, the price of the leading cryptocurrency briefly touched the $57,000 level following a US jobs report that managed to alleviate recession concerns. However, Bitcoin then erased its short-lived gains and dropped sharply lower in tandem with US stocks.

Saylor, whose firm holds a total of $12.1 billion in Bitcoin, has yet to comment on the devastating Bitcoin crash.

It is important to note that September tends to be the worst-performing month for the largest cryptocurrency. So far, Bitcoin is already down 8% during this September. In 2019, for comparison, it declined by nearly 14%.

Schiff's prescient call

On Thursday, gold bug Peter Schiff mocked Saylor's bizarre AI-generated picture, arguing that the Bitcoin wave "had already broken."

Schiff urged Saylor to "catch the Bitcoin wave," which was in the process of "swelling."

Prior to that, the prominent financial commentator also slammed Bitcoin ETF investors for betting on the wrong horse. He pointed to the fact that these products were up only 17% despite massive inflows. For comparison, gold ETFs are up by more than 24%.

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