Michael Saylor Breaks Silence Amid Bitcoin (BTC) Price Standoff

Bitcoin, the world’s leading cryptocurrency, has stagnated in terms of price performance, failing to meet the expectations of the broader ecosystem following the halving event. While Bitcoin’s halving is no guarantee of higher prices, the digital asset has yet to skyrocket past certain critical price levels or reach the $73,000 high that it reached before the halving in March 2024.

Saylor’s cryptic message and continued advocacy

Despite this seemingly lackluster performance, Bitcoin advocate and MicroStrategy co-founder Michael Saylor is urging investors to have faith in the asset and buy BTC in a cryptic post on X. According to the post, it contains a mouth-watering blue apple with a Bitcoin sign on it.

Saylor’s words that accompany the image are an invitation: “Take a bite.” The simple three-word phrase embodies everything the MicroStrategy co-founder stands for, through Bitcoin. Notably, under Saylor’s leadership, MicroStrategy remains bullish on acquiring the asset, regardless of the market price.

Recently, the business intelligence company purchased a staggering 11,931 Bitcoins, worth $786 million, at an average price of $65,883 per coin. This has helped trigger a price change of late.

According to data from CoinMarketCap, Bitcoin is currently trading at $61,402.17, up 0.47% in 24 hours.

Usually, while some investors may view this as a loss, Saylor is not deterred in his bullish acquisition strategy. Interestingly, the average Bitcoin purchase price for MicroStrategy stands at $36,798, representing a huge profit margin for the company.

Strategic Bitcoin Acquisitions by MicroStrategy

Saylor, a staunch supporter of Bitcoin at every opportunity, maintains that despite the uncertainty over the price of BTC, investors should continue to purchase Bitcoin. In his words, Saylor said: “Buy Bitcoin before you need it. »

The boss of MicroStrategy insists that investors adopt his principle on the digital asset, “Bitcoin: never sell”.

According to U.Today’s report, after the recent purchase, MicroStrategy’s stash now stands at 226,331 Bitcoins acquired for $8.33 billion. Some of the purchases were funded by proceeds from the convertible senior notes and excess cash.

About the Author

Godfrey Benjamin