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Michael Saylor Makes Epic Bitcoin Call Amid Market Lull: Details

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Sun, 16/06/2024 - 13:42
Michael Saylor Makes Epic Bitcoin Call Amid Market Lull: Details
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Michael Saylor, chairman and cofounder of MicroStrategy, has made an epic call to the crypto community: "Learn to think in Bitcoin." Saylor's message comes at a time when the crypto market is experiencing a lull, with Bitcoin and many major assets showing little to no movement.

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Bitcoin fell Friday to its lowest price in nearly a month, reaching lows of $65,005 before slightly rebounding. The price of Bitcoin currently sits at $66,571, per data from CoinMarketCap, up 0.40% on the day, while the current market performance remains mixed, with a handful of cryptocurrencies posting losses on the 24-hour time frame.

As the market is relatively quiet, some, including Saylor, see this as a time for introspection and strategic thinking, hence the call to "learn to think in Bitcoin."

Saylor began purchasing Bitcoin in 2020 as an inflation hedge and alternative to holding cash. Saylor's firm, MicroStrategy, has amassed around $12.7 billion in Bitcoin, or more than 1% of all Bitcoin ever created. The largest cryptocurrency by market capitalization has increased by more than 600% since Saylor began purchasing.

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Bitcoin has risen by roughly 60% this year, thanks in part to optimism regarding U.S. Bitcoin spot ETFs approved in January. MicroStrategy's stock has gained by around 135% over the same period.

MicroStrategy upped its convertible note offering by 40% to $700 million last week, announcing plans to utilize the funds to buy more Bitcoin.

While the context of Saylor's tweet remains subject to interpretation, the call to "learn to think in Bitcoin" might be a reminder to look at the bigger picture, beyond the short-term market volatility.

On the other hand, Saylor's message might be a call to embrace the financial paradigm ushered in by cryptocurrencies, heralding a fundamental shift in how value and wealth are perceived.

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