Michael Saylor Foresees Geopolitical Clash as a Boost to Bitcoin

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Michael Saylor, a co-founder of MicroStrategy, has voiced his confidence in Bitcoin‘s price despite ongoing geopolitical turmoil. In a recent post on platform X, he stated that “disorder benefits Bitcoin.” However, this perspective seems to contradict the trend observed in the broader crypto market.

Michael Saylor Positive on Bitcoin

Michael Saylor, through a recent post shared via X, suggested that the ongoing turmoil could present opportunities for Bitcoin. Although he didn’t specify which chaos he was referring to, his message seems to allude to current geopolitical unrest. However, the price trend in the Bitcoin market appears to be moving in an opposite direction.

The values of cryptocurrencies such as Bitcoin and Ethereum (ETH) have significantly dropped after the Israeli military reported that Iran had sent “numerous” drones into Israeli airspace.

Current Geopolitical Unrest

Michael Saylor’s message emerges against the backdrop of the Israeli military announcing a delay in the arrival of IRGC drones, attributed to the complex political situation in the region.

Seven IRGC members lost their lives in a past Israeli assault on the Iranian consulate in Syria. In response, Iran carried out a drone attack as a form of retaliation against Israel. As reported by Defense Minister Yoav Gallant, Israel is keeping a vigilant eye on an impending attack from Iran and its allies in the Middle East, signaling that the country is readying itself for potential direct confrontation.

Over the last 24 hours, the memecoin market dropped by 18% due to forced sales from other more significant cryptocurrencies. The unpredictability of digital currencies has caused some investors to sell off in fear of recognizing unfavorable market trends amidst growing economic anxieties.

Meme Coins Tank Alongside Bitcoin

Michael Saylor holds an opposing view: whereas Bitcoin is experiencing a significant drop at present, even Memecoins are taking a hit. The value of key assets withdrawn from Memecoins has decreased by up to 17%, leading to substantial market losses. However, the upcoming Bitcoin halving may help mitigate these losses.

Because of the geopolitical instability, investors are pulling out funds from risky investments. Additionally, the approaching US tax deadline is another factor adding to the declining trend. Market experts argue that the weeks preceding the tax deadline often bring a gloomy market, particularly when there were substantial asset inflows during the previous year.

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2024-04-14 03:41