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As the crypto market faces selling pressure, Michael Saylor, Chairman of MicroStrategy, has a bold statement about BTC: it is time to bet on the future of Bitcoin.
The cryptocurrency market is currently witnessing a sharp downturn, with Bitcoin and other major digital assets seeing significant price declines. This "crypto bloodbath," as it has been dubbed, has shaken investor confidence and prompted speculation about the sustainability of the recent bull market.
Amid this backdrop, Bitcoin's value dipped to $65,000, a stark contrast to the all-time highs above $73,000 it once commanded.
Saylor, a long-time Bitcoin advocate, has issued a statement that has resonated with many in the crypto industry, reaffirming his optimism on Bitcoin's long-term potential despite the current market volatility.
"Bet on the future. BTC," Saylor wrote in an X post.
Saylor's comments come at a critical time, with the Bitcoin price dipping in the last 24 hours by as much as 8%.
Tomiwabold OlajideBitcoin temporarily fell to an intraday low of $64,980 for the first time since March 24, before recovering some losses. At the time of writing, BTC had dropped 6.63% in the previous 24 hours to $65,116.
Meanwhile, the upcoming Bitcoin halving event, scheduled for April 2024, which will slash Bitcoin mining rewards from 6.25 BTC to 3.125 BTC, is likely to diminish the supply of new Bitcoins, thus increasing demand.
Bitcoin is now fewer than 20 days away from its fourth halving event. According to OkLink, the current countdown to the Bitcoin halving event is 18 days, with an estimated date of April 20. The remaining blocks for this event are 2602.
MicroStrategy, under Saylor's leadership, has been a major player in the Bitcoin industry, owning a significant quantity of the cryptocurrency. Despite market swings, Saylor's unshakable conviction in Bitcoin remains noteworthy.
Arman Shirinyan
Alex Dovbnya
Vladislav Sopov
Dan Burgin
U.Today Editorial Team