[Digital Today reporter Yoonseo Lee] Ross Gerber (로스 거버), a fund manager known as a major Tesla investor, criticised Michael Saylor, saying he is damaging the bitcoin market through excessive leverage and market manipulation.

U.Today, a blockchain outlet, reported on July 12 that Gerber claimed Saylor’s moves were having a negative impact across the broader bitcoin ecosystem.

Gerber’s remarks came as he responded to an AI-generated video posted by Saylor. Titled "The right to bear arms", the video shows Saylor wearing medieval armour, roasting oranges by a campfire and fighting a bear. Attention in the market focused less on the video itself than on Gerber’s sharp criticism of Saylor.

Gerber has raised the issue more than once recently. He also criticised Saylor in early June, saying he was shaking the market after saying he would never sell bitcoin. At the time, he said, "Saylor says he will never sell bitcoin and then rug-pulls the market," and argued it created a negative cycle in which prices fall further and trigger liquidations by speculative players.

He has also pinned responsibility for recent bitcoin price volatility on corporate investors. He said big players take enough during boom times and still try to take more, adding that such greed is fueling market instability. In late June, he also publicly questioned Strategy’s ability to survive over the long term.

Gerber’s strongest criticism is directed at Strategy’s business structure. He sees Strategy’s approach of issuing debt to buy bitcoin and then raising more funds on that basis as structurally vulnerable. Gerber said, "Buying bitcoin alone does not create value," and pointed out that the borrow-to-buy model has now become a negative.

The criticism reflects concern that Strategy’s bitcoin holding strategy has grown beyond simple financial management to a scale that can affect market prices. Gerber has also taken a negative view of the current approach in terms of protecting individual investors. In Gerber’s view, there is a gap between Saylor’s long-term holding pledge and the actual market shock.

Gerber, by contrast, argued that exchange-traded funds are a more suitable way to invest in digital assets. In May, he said that in terms of deferring capital gains tax and managing asset exposure, "the best capital gains avoidance strategy is holding an active ETF." He argued that using an ETF’s internal mechanism can effectively keep deferring capital gains.

Ultimately, the core of this dispute is how to invest in bitcoin. One side is pressing an aggressive accumulation strategy that uses corporate finances, while the other sees exposure through regulated traditional financial products as more stable. Against this backdrop, Strategy’s debt-based bitcoin buying structure and the market’s reaction to it are expected to remain key points to watch.

LOL. At some point this whole joke will end… amazing the guys who built bitcoin are the same ones destroying it.. https://t.co/bRlLvgevgs