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Founder and former chief executive of MicroStrategy, vocal Bitcoin proponent Michael Saylor, has taken to the X/Twitter social media platform to comment on the current substantial decline of the Bitcoin price and issue a call to the BTC community in an attempt to prevent a further drop.
In the meantime, small Bitcoin holders continue to sell BTC in order to get exposure to the newly approved spot Bitcoin ETFs.
Michael Saylor strives to stop BTC price fall
Saylor tweeted to tell his followers and the Bitcoin community overall not to sell their BTC. The approval of spot-based Bitcoin exchange-traded funds issued by the Securities and Exchange Commission earlier this week has provoked Bitcoin volatility, and the flagship cryptocurrency has been going down since many are now selling to profit on the first price increase, and many are selling to get free funds to invest in Bitcoin ETFs.
On Thursday, the price of the world’s leading crypto soared by 6.10%, reaching the $48,711 high. Immediately after that, Bitcoin plunged by 6.78%, hitting the $45,729 low.
MicroStrategy seeks to raise more funds to buy Bitcoin
When he was the CEO back in 2020, in August of that year, Saylor introduced a Bitcoin-based course for MicroStrategy as the company sought a way out of a crisis. On Saylor’s command it began purchasing big chunks of Bitcoin on a regular basis and adding them to its balance sheet.
Several times, MicroStrategy issued bonds to buy more Bitcoin. The most recent BTC acquisition was announced approximately two weeks ago as the company purchased another 14,620 Bitcoins, with $615.7 million between the end of November and the end of December 2023. As of Dec. 27, the company holds 189,150 BTC worth a whopping $8,666,777,340. Per Saylor’s earlier statements, his goal is for the company to acquire a total of 1% of the Bitcoin’s overall circulating supply.
MicroStrategy is also looking to issue more bonds to raise another $750 million to increase its Bitcoin stash. Saylor is going for only Bitcoin, excluding other cryptocurrencies, even the second largest to Bitcoin, Ethereum.
In a recent tweet, another Bitcoin maximalist, Max Keiser, sent a shoutout to Saylor to give him kudos for “taking Bitcoin out of the s-coin gutter” and for “setting the stage for today’s ETF approval.”
Tomiwabold Olajide
Godfrey Benjamin
