Michael Saylor defends Bitcoin advocacy as protected speech

Michael Saylor, Executive Chairman of MicroStrategy, has defended the right of Americans to advocate for Bitcoin, stating that such promotion is protected free speech and does not require a financial license. Saylor characterized Bitcoin as a commodity rather than a security, though he noted that laws against fraud and market manipulation still apply.

These comments coincide with legislative developments in the United States, specifically the upcoming September 15 procedural vote on the CLARITY Act. The bill aims to clarify the regulatory framework for digital assets. Meanwhile, Saylor criticized the market's reaction to recent U.S. employment data. Following a report showing higher-than-expected job growth, Bitcoin's price fell from highs above $82,000 to below $79,000. Saylor argued that the market is turning “statistical noise into monetary policy,” as the strong labor data increased expectations for higher interest rates, which typically reduces liquidity for crypto assets.

In related corporate news, MicroStrategy has resumed Bitcoin acquisitions after a 10-week pause, recently purchasing 4,603 BTC for approximately $369.7 million, bringing its total holdings to 845,050 BTC.