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MicroStrategy’s Michael Saylor Reacts to Bitcoin Price Stagnation By U.Today
U.Today -, the largest cryptocurrency by market capitalization, recently hit a one-month low, as this year’s record rise shows indications of exhaustion due to the lack of new market drivers. Amid this crisis, Michael Saylor, co-founder and president of MicroStrategy and a well-known Bitcoin advocate, responded with his signature blend of optimism and humor.
During Friday’s trading session, Bitcoin price fell to a more than one-month low of $63,300, the lowest level since May 15. The decline coincides with outflows from Bitcoin Exchange Traded Funds (ETFs) and fading prospects for interest rate cuts in the United States.
On June 21, spot Bitcoin ETFs experienced a cumulative net outflow of $106 million. According to data from Spotonchain, net inflow was negative throughout the trading week, with a total outflow of $545 million. These outflows could indicate waning interest among institutional investors, adding to the negative pressure on Bitcoin’s price. At the time of writing, Bitcoin was showing little movement, up 0.48% over the past 24 hours to $64,229.
Against this backdrop, Saylor took to X (formerly Twitter) to share a lighthearted meme. The image showed beloved Sesame Street character Cookie Monster gobbling up Bitcoin, accompanied by the caption “New logo?” This tweet demonstrates Saylor’s typical approach to market volatility: being optimistic and focused on Bitcoin’s long-term potential.
Saylor has been one of the most vocal proponents of Bitcoin in the corporate world. Under his leadership, MicroStrategy invested heavily in Bitcoin, considering it a strategic asset to protect against inflation and monetary devaluation.
The recent drop in Bitcoin prices may have caused concern among investors. Injecting humor into the situation, Saylor’s tweet reminds the crypto community to stay focused on the bigger picture instead of short-term fluctuations.