Michael Saylor, a distinguished Bitcoin advocate, shared some recommendations with the Bitcoin community about when BTC sank below $67,000 at the start of the weekend. Michael Saylor, a man who doesn’t need much introduction, is a co-founder of MicroStrategy – the most prominent company to have embraced Bitcoin as a strategic asset, alongside being an active Bitcoin proponent both on traditional media and on the X social media network (formerly known as Twitter), has some words of wisdom to those who, despite the $67,000 dip, still hold Bitcoin. This is also meant for those relatively fresh to Bitcoin or who have only recently started holding.
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Michael Saylor, a leading supporter of Bitcoin, emphasizes that in the current market situation for BTC, it is critical to adapt and “flex one’s mental and neural capabilities to learn how to think in Bitcoin.”
Learn to think in #Bitcoin. pic.twitter.com/yh59Lu2ZX4
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— Michael Saylor⚡️ (@saylor) June 16, 2024
As for MicroStrategy itself, after it began to purchase BTC last summer in August 2020, it has established a relatively long-term Bitcoin investment plan and still actively acquires the world’s top digital currency supported by Wall Street and physical ETFs. These ETFs had entered a steady inflow streak before the previous nineteen days when they had no inflows. That flow was impressive on Wednesday, reaching 101 million into those BTC-based products.
Last week, the business intelligence company I’m researching announced an issuance of convert senior notes due 2032. MicroStrategy’s main objectives and strategies are as follows: To increase its preliminary BTC holdings, MicroStrategy plans to apply the funds it will raise to purchase more BTC and finance its operational costs. To begin with, the offering aimed to launch a $500 million fund, but later, the offering was tweaked to launch an enormous $700 million fund. Speaking of these securities placed in MicroStrategy, they will carry the interest of 2.25%, and all the interest shall be distributed to the investors promptly twice a year, the first on the 15th of December of the current year and the second on the 15th of June each year.
Bearish Bitcoin Market Performance
On Wednesday, it ended at $68,451 after it had regained the $70,000 level; on Friday, it further declined to $65,180, erasing nearly 7% of its value. Bitcoin briefly reclaimed $66,900 by Monday to reverse the losses BTC had incurred early today, and there was a bounce-back attempt for Bitcoin at 1. 22%. In conclusion, it is crucial to underscore the value of Michael Saylor’s guidance to Bitcoin holders who target a long-term investment in fluctuating Bitcoin prices. In the digital transformation carried out by MicroStrategy, the company invests millions of dollars in Bitcoin. This approach shows a confident outlook towards further developments in cryptocurrency. While there has been such price volatility in a short period, the constant inflows into BTC-based ETFs and the vast investments by MicroStrategy point towards the fact that institutions still see long-term value in Bitcoin.
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Maxwell Mutuma
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. He writes extensively on topics such as blockchain, cryptocurrency, tokens, and more for top publications such as Coingape, Coin Edition, and The Coin Republic. His goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.