Did the US Really "Manufacture" the Bitcoin Crash? Insights on the MSTR Buyout Rumor

In the previous week, Bitcoin’s price exhibited a troubling trend, primarily influenced by the US trading sessions which caused losses, while Asian markets took the opposite approach and bought during the dips.

Key Takeaways

Bitcoin has faced significant price pressure, particularly during US trading sessions.
Rumors suggest the US government might be interested in investing in MicroStrategy and Coinbase.
There is no official confirmation backing these claims, and they largely stem from speculation.
MicroStrategy is facing potential risks tied to MSCI's proposed index changes.
Actual market conditions and business challenges might be influencing Bitcoin's recent volatility, beyond mere conspiracy theories.

New reports suggest potential involvement by the government in orchestrating the Bitcoin sell-off during US trading hours as part of its wider investment strategy.

Rumors of US Buyouts as Bitcoin Plummets to $85,000

The recent drop in Bitcoin's price has highlighted a significant trading divide. During US trading sessions, sell-offs have surged, while Asian traders have consistently bought the dips. BeInCrypto has reported that the US trading hours have emerged as the weakest for Bitcoin prices.

Max Keiser, a noted Bitcoin advocate, claimed that the US government might be looking into buying MicroStrategy ($MSTR) and Coinbase ($COIN), possibly as a way to take advantage of Bitcoin’s sharp decline in November.

RUMOR: The U.S. is reportedly considering a multi-billion investment in $MSTR & $COIN pic.twitter.com/Fd1S4LQFRl
— Max Keiser (@maxkeiser)

Although there is no solid evidence to back these claims, the speculation is gaining traction. Some theorists suggest this governmental interest led the authorities to initiate the recent Bitcoin sell-off, pushing it below the $90,000 mark.

Bitcoin (BTC) Price Performance. Source: BeInCrypto

It is suggested that US officials may have wanted to adjust MicroStrategy’s market value to net asset value (mNAV) close to 1.0, hence the alleged manipulation of Bitcoin prices to decrease its premium.

“The US is thinking of a multi-billion dollar investment in MSTR, and they needed the mNAV to be 1 before investing made sense for them, thus they orchestrated a crash on Bitcoin,” shared Teddy, a prominent user on X (Twitter).

Mike Alfred mentioned key officials such as former President Donald Trump and Treasury Secretary Scott Bessent, suggesting a multi-faceted strategy to enhance Bitcoin, MSTR, and stablecoins while also undermining JP Morgan, the Fed, and the US banking system to safeguard American citizens.

Once again, there are no official communications or regulatory contexts that support these claims. Representatives from the US Treasury, White House, or other regulatory bodies have not confirmed or addressed the rumors.

“The administration sees it as a crucial battle,” added Alfred.

The Importance of MicroStrategy’s Index Risk Beyond Speculation

Several concrete factors have contributed to volatility in Bitcoin's price. MicroStrategy faces potential consequences from MSCI’s proposed index exclusion for companies holding over 50% of their assets in Bitcoin or other similar cryptocurrencies. If this proposal goes forward, it might trigger as much as $8.8 billion in passive fund exits from the stock.

Additionally, changing expectations regarding Fed rate cuts and fluctuating bond markets have also placed pressure on riskier investments, compounding market declines.

Michael Saylor, CEO of MicroStrategy, dismissed efforts to categorize his company as a fund or trust, focusing instead on its software and treasury operations.

With MSCI’s January 2026 ruling approaching, the company must confront real business challenges that have nothing to do with unfounded conspiracy theories.

Speculation circulating on X links Bitcoin's fall to fanciful government accumulation strategies, including:

Blockchain data suggests that the US government possesses over 326,000 BTC from previous forfeitures, which fuels ongoing rumors.

US Government Bitcoin. Source: Arkham Intelligence

MicroStrategy, whose financial structure is heavily invested in Bitcoin, saw a drop exceeding 60% from its peak, pushing its mNAV below 1 as of November 23.

MicroStrategy mNAV. Source: Bitcoin Treasuries

Even in the absence of definitive proof regarding a government bid, these rumors underscore several crucial insights:

While these remain merely speculations from some of the loudest voices in the industry, the timing of these discussions amid one of Bitcoin's sharpest weekly declines of 2025 could be amplifying their spread.