Michael Saylor Delivers Crucial Warning Amid Spot Bitcoin ETF Debut

Michael Saylor, the Chairman of American business intelligence and software firm, MicroStrategy Incorporated has issued a critical warning to the Bitcoin (BTC) community in the wake of rising scams in the industry.

The Michael Saylor Warning

The reputation of Michael Saylor and MicroStrategy is constantly being used as a gateway to scam people according to an X post revelation shared by the veteran innovator. In the latest scam bust, Michael Saylor noted that he and his team take down about 80 fake YouTube videos per day that focus on promoting one form of fraud or the other.

He warned community members that MicroStrategy does not give away free Bitcoin to anyone who scans a barcode. This warning comes in the wake of a growing fraud model in which scammers request users to carry out some actions to show their engagement or loyalty to stand a chance to win some rewards.

In some of the most popular moves by these scammers, they may ask unsuspecting users to send some money to a dedicated wallet to double it in a few minutes or hours. While this sounds too good to be, many in the industry still fall for these scams.

Commenting on this, Michael Saylor noted that there is no risk-free way for anyone to double their Bitcoin, as might be widely speculated. MicroStrategy is a major target, considering the role the firm now plays in the community, as the largest non-crypto-focused firm in terms of Bitcoin holdings.

After years of intensive accumulation, MicroStrategy now holds a total of 189,150 BTC after buying an additional 14,620 BTC for approximately $615.7 million in late December 2023.

Spot Bitcoin ETF: Time to be Cautious

Spot Bitcoin Exchange Traded Funds (ETFs) went live in the market last week after the United States Securities and Exchange Commission (SEC) ended a more than 10-year stalemate that asset managers had been pursuing the product.

With the product, the chances of new scam waves are higher as the hype surrounding the spot Bitcoin ETFs and the readiness of non-crypto native investors to get on the train might be exploited.

The rising number of scams has featured XRP and the Ripple ecosystem for some time with intense backlash against YouTube for not taking decisive actions against these scam models.