Most people on crypto X are familiar with the “Never sell your Bitcoin” maxim. However, on May 13, one of the prominent Bitcoin influencers, trader and investor Willy Woo, admitted he is selling his holdings to invest in Bitcoin infrastructure instead. The post sparked debates and was booed by many in the crypto community.
However, Woo presented some rationale in defense of his decision.
Woo isn’t bearish on Bitcoin
Willy Woo is far from being somewhat bearish on Bitcoin. Just a week before publicly claiming that he was getting rid of his BTC, he predicted that Bitcoin dominance would surpass 90% in the next 15 years. Woo has been an avid Bitcoin trader and market expert for many years.
His revelation about selling BTC to invest in Bitcoin infrastructure companies came up totally unprovoked. He just replied to the tweet of a popular X account The Bitcoin Therapist, who calls everyone who is selling bitcoins “retards” more or less on a daily basis.
Replying to one such post, Woo admitted that he had actually just sold some of his BTC to a contractor doing some work for him, adding, “This is how BTC wins. Adoption.”
When the Bitcoin Therapist referred to this as a charitable donation, Woo said that he is getting rid of all his BTC now, “Buying BTC infrastructure companies with it.”
To explain his decision, Woo provided an example of himself investing in Exodus Wallet in 2016. According to Woo, the profits made from this investment are 2.5 times bigger now than the profits from the Bitcoin investment made at that time.
He noted that nowadays, Bitcoin startups have Bitcoin treasuries, and if the startup itself turns out to be a failure, the BTC treasury may mitigate the risks. However, in the event of a startup’s success, it is possible to gain much more than by investing solely in Bitcoin.
Although Woo presented his vision, few to no people on X found it convincing. In the comment section, people referred to it as a mistake; some expressed suspicion that Woo is probably hinting at a soon-to-come correction.
When the Bitcoin Therapist posted a screenshot of Woo’s revelation, captioning it “Legendary trader Willy Woo, says he’s selling his Bitcoin to buy infrastructure companies,” many people questioned the “legendary” status itself, called Woo names, or dismissed Woo, saying that he is “not the same” after mistakes he has been doing since 2021. Generally, a screenshot of his post taken out of context was ridiculed and received severe backlash.
However, a rare voice of support, product builder Dan Sanchez, replied to the screenshot, noting that he has been paying people with BTC and, although he may have missed huge returns because of this, “the bigger incentive is making an impact on people that provide real value.”
In December 2024, it was reported that Willy Woo invested in Debifi, a noncustodial platform facilitating Bitcoin-backed lending. Woo sees the platform not just as a lending platform but rather as a tool that allows long-term holders to borrow more funds without having to sell their holdings.
David Bailey vs subscribers
Just hours after the fuss surrounding Woo’s alleged Bitcoin sale, David Bailey of Bitcoin Magazine and Nakamoto, a new company following the steps of Strategy, got in an argument with his subscribers on X. The dispute erupted as Bailey asked what’s wrong with selling bitcoins to buy back discounted shares of his company, Nakamoto (NAV).
There were various responses, with commenters not only showcasing a strong “Never sell Bitcoin” stance but also emphasizing that selling Bitcoin would send the market a signal that won’t land well for Nakamoto. For instance, it can be a signal that the company’s trust in Bitcoin is weak, which is not a good look for a company built around the idea of relentless Bitcoin accumulation. Another argument against trading Bitcoin is that it may signal weakness of the NAV shares themselves.
Bailey didn’t agree with anyone. He posted another tweet, guessing that people in the comment section simply cannot distinguish arbitrating from selling, adding, “I feel like I’m taking crazy pills reading these comments, lol.”
Plan B’s case
Plan B is a prominent Bitcoin influencer and popularizer of adopting the Stock-to-Flow model for Bitcoin price analysis.
Plan B made headlines in February when he revealed that he is moving his Bitcoin holdings to ETFs to reach “peace of mind” and avoid problems with private key management.
The move triggered much criticism, both from Bitcoin maxis and Bitcoin skeptics. As for the latter, economist Peter Schiff referred to Plan B’s switch to ETFs as “another example of Bitcoin not fulfilling its supposed purpose.”
Bitcoiners criticized Plan B for entrusting control over his funds to a third party.
Just like in the case of Bailey and Woo, selling Bitcoin, no matter for what purpose, is met with dismay and disapproval. So, never sell your Bitcoin. Or, perhaps, sell it in secret.
