MicroStrategy's Michael Saylor Says HODL Bitcoin Despite Sub $50K Crash

Highlights

Saylor's tweet on HODL Bitcoin shows his confidence in the asset class despite 18% drop in a single day.
Peter Schiff takes the moment to criticize BTC saying that it's unfit as a reserve asset.
Gold shows greater resilience with spot price down only 2% in the last 24 hours.

Amid the massive panic in the crypto market and Bitcoin price plummeting under $50,000 levels. MicroStrategy Chairman Michael Saylor has come in support of the crypto community stating that he continues to HODL his Bitcoins with Diamond hands.

Michael Saylor Says HODL Bitcoin

In his recent tweet on X, Michael Saylor said that he continues to HODL BTC. The MicroStrategy chairman remains firm on his Bitcoin acquisition strategy without any second thought, despite this market crash. In the last 24 hours, Bitcoin’s market cap has lost more than $200 billion, while reports of a Fed rate cut soon as central bank intervention emerge again.

HODL pic.twitter.com/qIMam5yFaI

— Michael Saylor⚡️ (@saylor) August 5, 2024

This is the first time since February that the Bitcoin price is trading under sub $50K levels while losing its trillion-dollar status. On the other hand, the MicroStrategy (NASDAQ: MSTR) stock price has also tanked 16% today slipping all the way to $1,213.77. This move has extended MSTR’s weekly losses to more than 27%. Other public-listed firms have also collapsed by a similar magnitude along with the crypto market crash.

It will be interesting to watch any development from Michael Saylor and if he decides to buy the BTC dips going ahead. During last week’s Q2 results announcement, Saylor said that MicroStrategy is looking to raise an additional $2 billion in cash to buy more BTC.

Also Read: Bitcoin Leads Crypto Outflow With $400M Lost Amid Recession Fears

Gold Outperforms BTC

While the BTC price collapsed by 18%, the spot Gold price is down less than 2% currently trading at 2,394 levels as of press time. Popular economist Peter Schiff said that Gold and Silver are currently the best bets against the US recessionary situation and the stock market crash.

He added that the Federal Reserve would ultimately pivot thereby soaring the money supply once again causing a plunge in the real interest rates as well as the Dollar value, while ultimately sending inflation soaring once again. Schiff didn’t miss the chance to criticize Bitcoin for its volatility. He wrote:

“This weekend’s Bitcoin crash is an example of why Bitcoin will never be a reserve asset for any major government or central bank. A reserve asset must have relatively low volatility. It needs to be readily sold when needed. It can’t crash more than assets it’s supposed to hedge”.

Also Read: Bitcoin ETFs To See 30% Gap Down From Jan Levels On Monday, Says Peter Schiff

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Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets.   He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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