Michael Saylor Reacts to Bitcoin Dropping Below $67,000 by Sharing Crucial Advice

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As an experienced financial analyst, I strongly agree with Michael Saylor’s advice to “learn to think in Bitcoin” during these volatile market conditions. I have seen firsthand how quickly the value of Bitcoin can fluctuate and it is essential for investors to maintain a long-term perspective and not be swayed by short-term price movements.

As a Bitcoin analyst, I’d like to share Michael Saylor’s perspective on the current market situation for those holding Bitcoin. Michael, a prominent advocate and co-founder of MicroStrategy, recently took to X social media platform to impart some valuable wisdom. He encourages Bitcoin holders not to panic during this latest dip below the $67,000 mark. Instead, they should remain patient and focus on the long-term potential of this digital currency.

This advice is also aimed at those who are new to Bitcoin and have only recently begun to hold it.

Michael Saylor’s major advice to Bitcoiners

According to Bitcoin advocate Michael Saylor, it’s crucial for the crypto community to adapt to the unpredictable market trends of Bitcoin by embracing a mindset that prioritizes Bitcoin – this is his recommendation during these volatile times.

Starting from August 2020, MicroStrategy has adopted a strategic approach to purchasing Bitcoin and has been consistently adding this digital currency to its holdings. This move is significant as Bitcoin has gained widespread acceptance on Wall Street and the launch of spot Bitcoin ETFs further solidifies its place in the financial world.

Learn to think in #Bitcoin.

— Michael Saylor⚡️ (@saylor) June 16, 2024

Last week marked a return of investments into these ETFs after a 19-day pause, with approximately $101 million being poured in on Wednesday alone. (Or) The 19-day streak of outflows from these Bitcoin ETFs came to an end last week, resulting in a significant influx of $101 million on Wednesday.

MicroStrategy to raise $700 million to buy more Bitcoin

Last week, the business intelligence firm unveiled plans to sell convertible senior notes with maturity in 2032. The proceeds from this sale will be used by MicroStrategy for two primary purposes: adding more Bitcoin to their financial statements and meeting operational costs. Initially, they aimed to secure $500 million through this offering, but subsequently, the offering size was increased to an impressive $700 million.

MicroStrategy’s securities will carry an annual interest rate of 2.25%, which will be dispersed to investors every six months. Specifically, the distributions will occur on June 15th and December 15th, with the first payment taking place in December of this current year.

After June 20, 2029, the company has the option to purchase the notes with cash, subject to certain conditions being met and the price of its Class A common stock reaching specified thresholds.

Bearish Bitcoin market performance

On Wednesday, Bitcoins value dropped significantly, falling from the previously achieved $70,000 mark to hit $65,180 by Friday, representing a nearly 7% decrease. However, by Monday, BTC had rallied and regained the $66,900 region momentarily before bouncing back further, raising its value by approximately 1.22%.

At the time of this writing, BTC is changing hands at $66,120.

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2024-06-17 12:05