According to online reports, Bitcoin advocate Max Keiser issued a document expressing doubts about the newly established Bitcoin finance companies, believing that these companies have not yet been tested in long-term bear market conditions. Keiser pointed out that these companies have modeled the corporate BTC reserve system promoted by MicroStrategy co-founder Michael Saylor, but their ability to maintain financial discipline during bear markets has not yet been proven. He emphasized that Saylor had never sold Bitcoin in previous bear markets, but continued to buy even though his Bitcoin position was low.