Michael Saylor, the executive chairman of Strategy and probably the most vocal Bitcoin evangelist, let a single word do the talking today - and the market's listening. In the post, Saylor was shown dressed like "The Dude," wearing a robe. He wrote, "Bitcoin Abides" as the caption.
The post's timing is not random either. Bitcoin is trading just under $119,000, near new all-time highs after a mid-June breakout flipped resistance into solid support. Price action is pretty tight near $120,000, so Saylor's message is more like a reaffirmation than a prediction - and the balance sheet backs it up.
The newest numbers show that Strategy now has 601,550 BTC, which is about $71.3 billion. Since June 1st, they've added over 20,000 coins, with summer buying picking up every week, except when there were no purchases. The latest update, dated July 14, shows another 4,225 added, just as Bitcoin started testing $120,000 again.
The company's cost basis is currently at $71,269 per coin, which translates to a 66% paper gain in current prices. That puts Strategy's BTC holdings at around 57% of its market cap. It is fair to say that Saylor is far from being just a "dude" with almost $50 billion in profit.
The Strategy chairman did not expand on his post, but the message is clear: this is not just a trade. With Strategy vacuuming the Bitcoin market in recent weeks and the cryptocurrency itself holding strong near its highest prices, "abides" is not just a meme reference - it is a strategy.
Skeptics and optimists might have different ideas about how this all ends up, but one thing's for sure: Saylor's Bitcoin campaign is now as legendary as the movie he referenced in his new post.
Vladislav Sopov
U.Today Editorial Team