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Michael Saylor reacts to Bitcoin’s drop below $67,000 by sharing crucial advice
Yuri Molchan
Popular Bitcoiner Michael Saylor posted advice for the Bitcoin community as BTC fell below $67,000 over the weekend
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Michael SaylorAn avid Bitcoin supporter and co-founder of BTC-focused giant MicroStrategy, took to social network . .
This advice is also aimed at those who are new to Bitcoin and have only recently started to hold it.
Michael Saylor’s top advice to Bitcoiners
Bitcoin advocate Michael Saylor believes that given the current volatile market conditions for BTC, it is very important to “learn how to think in Bitcoin”; this is the advice he offers to the global crypto community.
MicroStrategy itself, after starting to buy back BTC in August 2020, has developed a long-term Bitcoin strategy and continues to accumulate the world’s leading digital currency now supported by Wall Street and spot ETFs.
Last week, these ETFs began inflowing again after their 19-day consecutive inflows ended before that. On Wednesday the market recorded a impressive $101 million which flow into those BTC-based products.
MicroStrategy will raise $700 million to buy more Bitcoin
Last week, the business intelligence firm announced an offering of convertible senior notes due in 2032. MicroStrategy intends to use the money it raises to put more Bitcoin on its balance sheet and cover its operating expenses. First, the plan was to raise $500 millionbut the offering was later changed to raise an astonishing $700 million.
These securities issued by MicroStrategy will bear an annual interest of 2.25% and the interest will be paid to investors semi-annually on June 15 and December 15, starting from December this year.
The company reserves the right to purchase the notes for cash after June 20, 2029, provided that there are specific conditions to do so and that the company’s Class A common stock reaches certain price levels.
Bitcoin market bearish trend
The largest cryptocurrency lost the recently regained $70,000 level on Wednesday, plunging to the $65,180 zone on Friday and losing nearly 7%. On Monday, BTC recovered, briefly reclaiming the $66,900 zone, and today, a rebound took Bitcoin up 1.22%.
At the time of writing, BTC is changing hands at $66,120.
About the author
Yuri Molchan
Yuri is interested in technology and technical innovations. He has been writing about DLT and cryptocurrencies since 2017. He believes that blockchain and cryptocurrencies have the potential to transform the world in the future in many aspects of it. He has written for several crypto media. His articles have been cited by cryptocurrency influencers such as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.