Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Bitcoin bull Michael Saylor has shared a new positive take regarding the cryptocurrency. As the broader market is reeling from the latest crash in the price of the coin, Saylor delivered what is best described as the ultimate rule for Bitcoin adoption.
Michael Saylor cements HODLing position
As revealed in his post on X, Michael Saylor said he operates based on a defined set of Rules for Bitcoin. First, he said "buy Bitcoin," which he has been advocating for since August 2020, when he first invested in the digital currency.
For investors who heed this first rule, he then admonished them not to sell the Bitcoin.
Bitcoin price action has broken the resolve of many top investors as the coin has even fallen below the cost price of Strategy, Michael Saylor’s business intelligence and software firm.
Earlier this week, Strategy acquired 855 BTC for approximately $75.3 million at $87,974 per Bitcoin. At this level, the current price has forced Strategy to record an unrealized loss running into the millions.
As of Feb. 1, the company said it HODLs 713,502 BTC, which it acquired for approximately $54.26 billion. The company spends an average of $76,052 per Bitcoin for the stash. With the BTC price and MSTR NAV in negative correlation, investors expected Saylor to cut his losses.
However, this new post is proof that a sell-off is nonnegotiable.
Crypto market rebound speculations
The sell-off in the Bitcoin price has had a ripple effect on other top digital currencies on the market. While Ethereum dropped below $2,500, Cardano has dropped out of the top 10 crypto assets, giving Hyperliquid room.
Amid this sell-off, crypto community members are banking on the Jim Cramer effect as the media personality shared a new take on the price of the asset.
With the market on edge, actions from Michael Saylor’s Strategy and Tom Lee’s Bitmine have proven that institutions still believe in a potential uptrend ahead.
Godfrey Benjamin
Gamza Khanzadaev
Caroline Amosun