As the cryptocurrency market braces for the Nvidia earnings report, which will be published after today's trading session in the U.S. closes, investors are looking to gauge risk appetite and understand what's next. In this context, one of the most vocal Bitcoin supporters, Michael Saylor, revealed his stance which, to be honest, is not surprising.
In his latest post, the Strategy chairman, whose company now holds 649,870 BTC worth about $60 billion, urged the public to "never back down." In his usual manner, he accompanied the caption with an AI-generated picture of himself.
For the crypto audience, such a "war cry" from Saylor is nothing new and has already become a sort of meme in the community.
However, context matters. Since early October, the price of Bitcoin has fallen by as much as 30%, dipping below $90,000. This decline has cost Saylor and Strategy around $20 billion. The pressure on the company is as intense as ever.
Although Strategy still commands a 23.17% profit with its Bitcoin holdings, the rhetoric of skeptics like Peter Schiff becomes more brutal and severe with every dip in the BTC price.
Strategy can hold 80% Bitcoin pullback, says Saylor
For now, though, Michael Saylor seems unbothered and calm. He recently said that he and his company could withstand an 80%-90% drawdown in their Bitcoin holdings and still function.
As he puts his money where his mouth is, Michael Saylor disclosed this week that Strategy made a BTC purchase worth $835 million — the largest since early September. The market was still unimpressed, but those following the Saylor-Strategy Bitcoin saga see the obvious signal: the businessman is not going to back down anytime soon.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team