As a seasoned financial analyst with over two decades of market observation under my belt, I find myself intrigued by Michael Saylor’s recent Bitcoin statement. Given his history of bold and prophetic Bitcoin price predictions, I can’t help but feel a sense of deja vu when he proclaims that “bitcoin is going up forever.”
As a devoted Bitcoin enthusiast, I’ve been keeping my eye on the updates from Michael Saylor, the visionary behind MicroStrategy, who is widely recognized for his unwavering support of cryptocurrency, particularly Bitcoin. Recently, he took to the worldwide web via his Twitter-like account on X Social Media platform to share a significant message aimed at the global Bitcoin community.
It seems similar to Saylor’s response after the latest increase in Bitcoin prices, which resulted in BTC successfully regaining the level of $61,000.
Saylor’s smashing Bitcoin statement
Michael Saylor, the founder of MicroStrategy, shared an image that seems computer-generated, depicting him as a university lecturer holding a piece of chalk, engaged in mathematical equations on a blackboard, and addressing an audience while facing them for better understanding.
Saylor’s tweet that goes with this image says: “By my calculations, bitcoin is going up forever.”
By my calculations, bitcoin is going up forever. 🚀
— Michael Saylor⚡️ (@saylor) August 20, 2024
The news came out following a 5.43% surge in the most significant cryptocurrency, pushing its value from around $58,000 to over $61,000 in just 24 hours. But as Bitcoin went past $61,000, it experienced a minor pullback, causing a 1.1% drop and currently trading at approximately $60,500.
Michael Saylor is known for his confident predictions about Bitcoin, such as stating that MicroStrategy intends to keep its Bitcoin holdings for at least ten years and advocating for long-term storage of Bitcoin in offline wallets. In fact, he recently tweeted that Bitcoin may be considered an inheritance after someone’s passing.
As an analyst, I might rephrase that tweet like this: “It’s often said that you can’t take your possessions with you when you go. That may hold true in most cases, but Bitcoin seems to challenge that notion. It’s portable and can carry substantial value, unlike traditional assets such as cash or gold.”
He also strongly advises users not to ever sell their Bitcoin, especially when the price plummets.
Large whales keep scooping up BTC
Based on data from the well-known blockchain tracker Santiment, it appears that significant Bitcoin holders, particularly those with a balance of 100 to 1,000 BTC, have recently been buying Bitcoin quite aggressively.
Over the past six weeks, they’ve amassed an impressive 94,700 Bitcoins, valued at approximately $5,721,603,540. The Santiment team noted that while market unpredictability in cryptocurrencies has prompted some traders to offload their Bitcoin, major players have been accumulating it, shifting the narrative from “weak hands” to “strong hands.”
🐳 Over the past six weeks, Bitcoin’s substantial investors, or wallets that contain between 100-1,000 coins, have added an extra 94,700 coins to their holdings. While price volatility has caused some crypto traders to sell off, it appears that major players are taking advantage of the situation by increasing their investments.
— Santiment (@santimentfeed) August 19, 2024
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2024-08-20 17:09