Michael Saylor, former CEO of MicroStrategy and one of the most prominent advocates of Bitcoin, has once again publicly reaffirmed his support for the cryptocurrency despite recent market turbulence.
In a statement made on the social media platform X (formerly Twitter), Saylor urged investors to maintain their positions in Bitcoin, saying, “You do not sell your #Bitcoin.” His call to hold strong during periods of volatility comes at a time when Bitcoin’s price is struggling, adding weight to his continued bullish outlook.
Bitcoin’s Price Struggles With Market Volatility
The top cryptocurrency, Bitcoin (BTC), has been dealing with serious issues lately as a result of a wider market decline. At the time of writing, the price of the cryptocurrency was $54.3K, down 8% from the previous week.
Many market players are now doubting Bitcoin’s ability to expand in the future due to its downward trajectory, especially in light of its current difficulties at a pivotal point in the market cycle. Saylor vehemently disagrees with the notion that Bitcoin’s meteoric climb to notoriety was the result of chance, and he has made it his mission to refute those theories.
Saylor offered a thorough breakdown of the elements influencing Bitcoin’s success in a recent post, proving that the phenomenon is not the product of chance but rather the outcome of a well-thought-out system. Saylor claims that the core of Bitcoin’s value lies in its design, specifically in its limited quantity and issuance methods.
He made note of the fact that the maximum quantity of tokens for Bitcoin is 210,000, which is dispersed over 32 halving events, with 50 new tokens being released every block during the initial stages of the project.
These controls prevent inflation and guarantee Bitcoin’s scarcity in the long run. Saylor highlighted that Bitcoin’s success as a “super currency,” built for long-term development and robustness, has been largely attributed to this well-planned structure.
MicroStrategy Increases Its Bitcoin Holdings
Saylor is not just talking when it comes to his unending faith in Bitcoin. His deeds speak louder than words. Saylor founded MicroStrategy, which he previously managed as CEO, and it has grown to be one of the biggest corporate Bitcoin holders.
MicroStrategy disclosed in its financial results for the second quarter of 2024 that it had persisted with its aggressive acquisition strategy of Bitcoin. At an average price of $65,882 per Bitcoin, the business has acquired 12,222 more since the start of Q2.
As of July 31st, MicroStrategy had amassed 226,500 Bitcoins, with an average buying price of $36,821 per coin. These acquisitions came at a total cost of $8.3 billion.
Notably, even amid Bitcoin’s current price struggles, MicroStrategy has shown no signs of slowing down its acquisition efforts. In July alone, the company purchased an additional 169 BTC for $11.4 million. These ongoing acquisitions underscore Saylor’s long-term investment thesis, which centres on the belief that Bitcoin will continue to appreciate over time, despite short-term fluctuations in price.
Saylor Holds on to Bitcoin
Saylor has emerged as one of the most outspoken supporters of Bitcoin, always highlighting its potential as a digital gold, inflation hedge, and store of value. Many institutional investors now view Bitcoin as a legitimate asset class as a result of his public remarks and MicroStrategy’s efforts.
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