Another Sunday, another teaser from Michael Saylor, chairman of software producer Strategy and probably the biggest Bitcoin bull from the corporate half of the court.
The essence of Saylor's Sunday messages on social media has always been about his company reflecting on its Bitcoin purchases, sometimes with slight hints at whether Strategy bought more BTC or not. This time is no different, as Michael Saylor once again posted a chart full of orange dots, representing purchases made since the first one in August 2020.
More context, however, lies not in the chart itself but in the caption, as for Saylor "the most important orange dot is always the next." These words definitely left crypto market followers guessing whether Saylor & Co. bought Bitcoin last week, but to be honest, it would be strange if they had not.
Last week saw a discount in Bitcoin’s price, which few predicted at the beginning of October, with the asset losing the major $105,000 barrier and dipping almost all the way down to its notorious bottom set Oct. 10, already dubbed “Black Friday” in crypto circles.
For Saylor and Strategy, buying Bitcoin there would seem like a golden opportunity, considering that multiple times in the last few months they had been buying at much higher prices.
To buy or not to buy?
The opposite — choosing not to buy more BTC — would be understandable too, as the serious damage done to the market during that very "Black Friday" already erased $7 billion from Strategy’s paper gains in just a week, an event that has definitely affected the confidence of both investors and strategists.
While Michael Saylor’s focus is on the next dot, what really interests the market right now is what decision the company and its Bitcoin chairman made last week.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team