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Michael Saylor Reacts to Bitcoin Dropping Below $67,000 by Sharing Crucial Advice

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Mon, 17/06/2024 - 8:54
Michael Saylor Reacts to Bitcoin Dropping Below $67,000 by Sharing Crucial Advice
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Michael Saylor, a vocal Bitcoin advocate and cofounder of BTC-focused giant MicroStrategy, has taken to the X social media network (formerly known as Twitter) to share an important piece of advice with those who continue to hold Bitcoin despite the recent plunge below the $67,000 level.

This advice is also aimed at those who are new to Bitcoin and have only recently begun to hold it.

Michael Saylor's major advice to Bitcoiners

Bitcoin evangelist Michael Saylor believes that amid the current volatile market conditions for BTC, it is very important to “learn to think in Bitcoin”; that is the advice he offers to the global crypto community.

MicroStrategy itself, after starting to buy BTC back in the August of 2020, has developed a long-term Bitcoin strategy and continues to accumulate the world’s leading digital currency now supported by Wall Street and spot ETFs.

Last week, these ETFs returned to inflows after their consecutive 19-day inflows had ended prior to that. On Wednesday, the market saw an impressive $101 million flowing into those BTC-based products.

MicroStrategy to raise $700 million to buy more Bitcoin

Last week, the business intelligence company announced an offering of convertible senior notes that expire in 2032. MicroStrategy intends to use the money that will be raised to put more Bitcoin on its balance sheet and to cover its operational expenses. First, the plan was to raise $500 million, but later the offering was adjusted to raise an astounding $700 million.

These securities issued by MicroStrategy will bear annual interest of 2.25%, and the interest will be paid out to investors semi-annually on June 15 and Dec. 15, starting in December this year.

The company retains the right to buy out the notes for cash after June 20, 2029, provided that there are specific conditions for that and that the company’s class A common stock reaches certain price levels.

Related

Bearish Bitcoin market performance

On Wednesday, the largest cryptocurrency lost the recently regained $70,000 level, plunging to the $65,180 zone on Friday and losing nearly 7%. By Monday, BTC recovered, recapturing the $66,900 zone briefly and, earlier today, a bounce back again took Bitcoin to 1.22%.

At the time of this writing, BTC is changing hands at $66,120.

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