MicroStrategy Founder Encourages Bitcoin Community to Retain Bitcoin Prior to Impending Surge
Michael Saylor, the founder and former CEO of MicroStrategy, has made a passionate plea to the Bitcoin community to stop the decline in BTC prices. Taking to Twitter, Saylor urged his followers and the wider Bitcoin community to resist selling their BTC holdings. The recent approval of spot-based Bitcoin exchange-traded funds by the Securities and Exchange Commission has led to increased volatility in the Bitcoin market. Some investors are cashing out to take advantage of the initial price surge, while others are selling to free up funds for investment in Bitcoin ETFs.
In an attempt to halt the decline, Saylor emphasized the importance of holding onto Bitcoin. He tweeted, “You do not sell your #Bitcoin.” However, despite a 6.10% surge on Thursday, with Bitcoin reaching a peak of $48,711, the rally was short-lived. The cryptocurrency swiftly plummeted by 6.78% to a low of $45,729.
Looking back to 2020, during Saylor’s time as CEO, MicroStrategy implemented a Bitcoin-centric strategy to navigate a company crisis. The company consistently acquired substantial amounts of Bitcoin and incorporated them into its balance sheet. MicroStrategy has previously issued bonds to facilitate Bitcoin purchases, with the most recent acquisition totaling 14,620 Bitcoins valued at $615.7 million between November and December 2023.
Currently, MicroStrategy holds an impressive 189,150 BTC, equivalent to a staggering $8,666,777,340. Saylor’s goal is for the company to accumulate 1% of Bitcoin’s total circulating supply. To achieve this, MicroStrategy is exploring the issuance of additional bonds to raise $750 million, further bolstering its Bitcoin reserves. Notably, Saylor’s focus remains solely on Bitcoin, excluding other cryptocurrencies like Ethereum, the second-largest.
Saylor’s commitment to Bitcoin has been recognized by prominent Bitcoin maximalist Max Keiser, who praised his efforts for elevating Bitcoin’s status and contributing to the recent ETF approval. The Bitcoin community eagerly awaits further developments as they navigate the current market turbulence under Saylor’s guidance.