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Michael Saylor Breaks Silence During Bitcoin (BTC) Price Stalemate
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Bitcoin, the world’s leading cryptocurrency, has suffered a setback in price performance, falling short of the broader ecosystem’s expectations following the halving event. While Bitcoin’s halving was not a guarantee of a price surge, the digital asset still has to rise and surpass certain critical price levels or reach the peak of $73,000 it reached before the halving in March 2024.
Saylor’s cryptic post and his continued defense
Despite this apparent lackluster performance, Bitcoin proponent and MicroStrategy co-founder Michael Saylor is urging investors to have faith in the asset and buy BTC in a cryptic post on X. According to the post, it features a tasty blue apple with a Bitcoin symbol.
Saylor’s words accompanying the image are an invitation: “Take a bite.” The simple three-word phrase embodies everything the MicroStrategy cofounder stands for, for Bitcoin. Notably, under Saylor’s leadership, MicroStrategy remains bullish on acquiring the asset regardless of market price.
Recently, the business intelligence company created a Bitcoin acquire of as many as 11,931 Bitcoins worth $786 million at an average price of $65,883 per coin. This has helped trigger a change in the price in recent times.
According to data from CoinMarketCap, Bitcoin is currently trading at $61,402.17, up 0.47% in 24 hours.
Typically, while some investors might view it as a loss, Saylor isn’t deterred from his bullish acquisition strategy. Interestingly, the average Bitcoin purchase price for MicroStrategy is $36,798, a huge profit margin for the company.
MicroStrategy’s Strategic Bitcoin Acquisitions
Saylor, a staunch Bitcoin supporter at every turn, argues that despite the uncertainty over BTC’s price, investors should continue to buy Bitcoin. In his own words, Saylor stated: “Buy Bitcoin before you need it.”
The head of MicroStrategy insists that investors adopt his principle on digital assets: “Bitcoin: never sell”.
According to U.Today report, after the recent purchase, MicroStrategy Stock it now stands at 226,331 Bitcoins purchased for $8.33 billion. Some of the purchases were financed with proceeds from convertible senior notes and excess cash.
About the author
Godfrey Benjamin
Godfrey Benjamin is a cryptocurrency journalist whose main goal is to inform everyone around him about the prospects of Web 3.0. His love for cryptocurrency began when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. Due to his vast experience in covering various aspects of Web3, Godfrey’s articles have been published on Blockchain.news, Cryptonews, and Coingape, among others.