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Bitcoiner Michael Saylor Sparks Heated Discussion with 'Anti-Bear' BTC Tweet

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Tue, 28/11/2023 - 15:30
Bitcoiner Michael Saylor Sparks Heated Discussion with 'Anti-Bear' BTC Tweet
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Founder and former CEO of business intelligence giant MicroStrategy Michael Saylor has reaped plenty of engagement from the Bitcoin community with his recent X post. This publication may be called "anti-bearish," since what it says is "No Bears Allowed. #Bitcoin."

The Bitcoin community responded to the picture of a sad-looking bear eagerly, some stating that "Bitcoin bulls are welcome."

MicroStrategy has an astounding amount of Bitcoin on its balance sheet. In August 2020, in an attempt to reverse its declining profits, the company, with Saylor as its CEO back then, started accumulating BTC chunk after chunk, paying millions of U.S. dollars for each of them.

Several times, MicroStrategy even issued secured notes in order to gain funds to buy more Bitcoin. By now, the company has acquired 158,400 BTC after a recently made Bitcoin purchase. This amount of BTC is equal to $5,925,934,080 at the time of this writing.

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Bitcoin holders' confidence remains high: Anthony Pompliano

Prominent VC investor and podcaster Anthony Pompliano (known to many as "Pomp") has taken to the X app to encourage the army of Bitcoin holders and those who may want to join them and jump on the Bitcoin bandwagon.

Pomp stated in his X post that more than half of the Bitcoin supply (57%, to be more exact) has not moved for at least two years. These crypto fans and financial institutions have held their BTC tight even when the flagship cryptocurrency dropped from its 2021 all-time high of $69,000, declining to $15,000 in a series of falls and then gradually rose to the $37,000 level again by now.

These statistics drove Pomp to the conclusion that "the volatility hasn't shaken the confidence of Bitcoin holders."

Bitcoin targets $41,200, Charles Edwards believes

Crypto analyst and founder of Capriole Investments fund Charles Edwards expects Bitcoin to reach the $41,200 level within five months' time. He believes the upcoming Bitcoin mining to be the main reason for it.

Edwards explained that once the halving takes place in April next year, Bitcoin's Electrical Cost — the cost of raw energy needed for BTC mining — will jump double just overnight. He believes that inefficient miners will then commence to shut down their gear once Bitcoin reward declines by half.

After the previous two halvings, the BTC electrical cost surged +65% and +50% of the pre-halving values. Edwards concluded: "If Electrical cost bottoms at +50% this time, that means the historic price floor of Bitcoin will be $41.2K in just 5 months time."

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