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Michael Saylor Reacts as Bitcoin (BTC) Breaks Above $71,000

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Wed, 5/06/2024 - 14:45
Michael Saylor Reacts as Bitcoin (BTC) Breaks Above $71,000
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Michael Saylor, cofounder of MicroStrategy business intelligence giant and a prominent Bitcoin evangelist, continues a series of BTC-themed tweets that he has been publishing daily. His recent tweet coincided with the world’s leading digital currency reclaiming the much-anticipated $71,000 price level.

In an earlier tweet, however, Saylor made a Bitcoin-related prediction about the future of money.

Michael Saylor's statement as Bitcoin price jumps

In a recent tweet, Saylor published an AI-generated photo of a bee inside a beehive with a Bitcoin mascot inside it. “Join the Swarm,” the tweet invites, meaning the rapidly growing global community of BTC believers and holders.

His earlier tweet, though, contains a prediction of the future form of money. Saylor tweeted that he expects the future of money to be digital, concluding the tweet with a Bitcoin hashtag.

Bitcoin surged above the $71,240 level yesterday and then again recovered it today after a small rebound, as market participants look forward to potential interest rate cuts by the U.S. Federal Reserve as early as November. The Bitcoin price increase from Tuesday to today constituted 3.71%. The decline since then has been almost 0.9%, with Bitcoin changing hands at $70,680.

Aside from that, on Tuesday, spot Bitcoin ETFs saw massive inflows as they absorbed a whopping $887 million in BTC. BlackRock’s IBIT scooped up $274 million, while Ark Invest increased its BTC holdings by $139 million. This happened to be the second largest daily inflow since the Bitcoin ETF approval by the SEC in mid-January.

Related

Bitcoin to surpass gold 3x, Max Keiser expects

In a recent tweet, major Bitcoin supporter Max Keiser shared a take on the future Bitcoin price surge. Citing a tweet by user “Bitcoin Archive,” Keiser said that he expects Bitcoin to surpass gold in terms of market capitalization value at least 2x, but maybe even 3x.

This prediction was based on a recent statement that VanEck chief executive Jan van Eck made during his talk with crypto trader and podcaster Scott Melker. Van Eck believes that Bitcoin's market cap will be worth at least half of gold’s market capitalization.

Gold’s market cap currently comprises roughly $15.9 trillion, and Bitcoin’s market cap stands at $1.4 trillion, which is approximately 10x smaller at the moment.

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