The price of Bitcoin (BTC) saw a recent upsurge that pushed its spot value above the $67,000 mark despite the bearish drawdown that tried to drag it below $60,000 in the last few weeks. This resilient market outlook may have prompted MicroStrategy’s founder Michael Saylor to reiterate his bullish stance on the crypto asset.
On the X app, Saylor shared a picture of two black dice with a lit Bitcoin logo engraved in each of them.
He captioned the image “Bet on Bitcoin”. For almost four years, Saylor has led MicroStrategy to acquire a huge holding in Bitcoin, not discouraged by the price of the coin at any time. His adoption of a Bitcoin strategy for the business Intelligence and software company has equally translated to massive profits. This is considering the current price of BTC and the price at the time of purchase.
By his recent phrase on X, Saylor could be calling on investors to plunge their funds into BTC, or possibly adopt a strategy similar to that of his firm.
His affinity towards the flagship cryptocurrency remain hinged on the heightened engagement or the enormous profit that MicroStrategy has bagged since it adopted the Bitcoin strategy. Last month, Saylor earned $400 million from pre-planned daily sales of the enterprise software company’s shares.
His bullish BTC stance is significantly reflected in the volume of BTC that MicroStrategy holds. After buying 122 Bitcoin for $7.8 million in April, Coingape capped the firm’s total Bitcoin holding at 214,000 Bitcoin. Even with this large holding, the firm has not said anything about selling the Bitcoin.
Saylor took his Bitcoin advocacy a step further recently when he dubbed Ethereum as security, supporting Gary Gensler’s insistent categorization of the crypto asset.
His comment on Ethereum came on May 2 while he was speaking at the MicroStrategy World 2024 conference. The MicroStrategy founder implied Bitcoin’s supremacy by condemning the likelihood of approval from the United States Securities and Exchange Commission (SEC) over spot Ethereum ETF offering.
He went on to predict that other crypto assets down the hierarchy including SOL, XRP and ADA will equally be classified as unregistered securities. This bold statement earned him a backlash from several experts and market observers but he had the backing of legendary trader Peter Brandt.
“This is a one horse race,” said Brandt while he subtly drew attention to a previous video of Saylor talking about Bitcoin’s superiority.
Read More: XRPL Startup XPMarket Initiates Token Swap After Distribution Error
The crypto market continued plunging after unfavorable macroeconomic data. It erased the gains that came…
Michael Saylor's Strategy, previously MicroStrategy, has announced plans for a major debt repurchase plan today…
Traditional finance (TradFi) giants CME Group and the New York Stock Exchange's (NYSE) parent company,…
The group of terrorism victims and families has filed a lawsuit in Manhattan federal court…
Bitget, the world's largest Universal Exchange (UEX) has successfully completed key registrations in Mexico to…
THORChain, a decentralized cross-chain liquidity protocol, has paused trading after blockchain security researchers flagged an…