As a researcher with a background in cryptocurrencies and finance, I find Michael Saylor’s continued advocacy for Bitcoin, even during its current price stagnation, to be both intriguing and commendable. Saylor’s recent cryptic post on social media, urging investors to “Take a bite,” is a testament to his unwavering belief in the digital asset.
Bitcoin, the foremost cryptocurrency globally, has experienced a price plateau after the halving event, failing to meet the broader community’s anticipations. The Bitcoin halving didn’t assure a price increase; nonetheless, Bitcoin hasn’t taken off and surpassed crucial price thresholds or reached its previous peak of $73,000, which it achieved before the halving in March 2024.
Saylor’s cryptic post and continued advocacy
As a researcher, I’ve come across some conflicting data regarding Bitcoin’s recent performance. Despite this setback, Michael Saylor, Bitcoin advocate and MicroStrategy co-founder, has taken to X to encourage investors to maintain faith in the asset and consider purchasing Bitcoin. In his post, he employs a captivating metaphor, depicting Bitcoin as a succulent blue apple bearing the distinctive Bitcoin logo.
Take a ₿ite
— Michael Saylor⚡️ (@saylor) June 26, 2024
As a crypto investor, I can relate to Saylor’s invitation: “Take a bite.” This straightforward phrase encapsulates his unwavering stance towards Bitcoin. Under his guidance at MicroStrategy, we remain committed and optimistic about acquiring more Bitcoins, regardless of the market price fluctuations.
Lately, the business intelligence company bought an impressive amount of 11,931 Bitcoins for approximately $786 million, with an average cost of $65,883 per coin. This significant purchase has contributed to the recent surge in Bitcoin’s price.
Per CoinMarketCap data, Bitcoin is currently trading at $61,402.17, up by 0.47% in 24 hours.
Typically, while other investors might view this as a loss, Saylor remains unphased and continues to pursue his aggressive Bitcoin buying plan. Notably, MicroStrategy’s average purchase price for Bitcoin is an impressive $36,798, yielding substantial profits for the company.
Strategic Bitcoin acquisitions by MicroStrategy
Saylor strongly advocates for Bitcoin and recommends that investors purchase it even with price uncertainties. In his own words, he advises, “Buy Bitcoin before you have the necessity for it.”
As aanalyst, I would advise investors to follow MicroStrategy’s CEO’s recommendation and hold onto their Bitcoin indefinitely.
According to U.Today’s latest update, MicroStrategy has amassed a total of 226,331 Bitcoins following its recent purchase, which cost approximately $8.33 billion. A portion of these acquisitions were funded through the sale of convertible senior notes and surplus cash.
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2024-06-26 19:08