Bitcoin, the world’s leading cryptocurrency, has been experiencing a lull in price performance after the much-anticipated halving event. Despite high expectations from the broader cryptocurrency ecosystem, Bitcoin has not seen a significant surge in price, failing to break critical price levels or reach the $73,000 peak it hit before the halving in March 2024. However, Bitcoin advocate and MicroStrategy cofounder Michael Saylor remains steadfast in his belief in the digital asset’s potential.
In a cryptic post on social media, Saylor shared an image of a blue apple with a Bitcoin sign on it, accompanied by the words, “Take a bite.” This post served as an encouragement for investors to continue having faith in Bitcoin and to consider buying the cryptocurrency. Under Saylor’s leadership, MicroStrategy has remained bullish on Bitcoin, despite fluctuations in the market. The business intelligence firm recently made a massive purchase of 11,931 Bitcoin worth $786 million, at an average price of $65,883 per coin, which has helped stimulate a shift in the price of Bitcoin in recent times.
Although Bitcoin is currently trading at $61,402.17, up by 0.47% in 24 hours, some investors may view this as a loss. However, Saylor remains undeterred in his bullish acquisition strategy, with MicroStrategy’s average Bitcoin purchase price standing at $36,798, representing a substantial profit margin for the firm. Saylor continues to advocate for strategic Bitcoin acquisitions, urging investors to consider buying Bitcoin before they need it and to adopt the principle of “Bitcoin: never sell.”
After the recent purchase, MicroStrategy now holds 226,331 Bitcoin acquired for $8.33 billion, with some of the acquisitions being financed through proceeds from convertible senior notes and excess cash. Saylor believes that despite the uncertainty surrounding Bitcoin’s price, investors should continue to buy the cryptocurrency as a long-term investment strategy. With his unwavering support for Bitcoin and belief in its potential, Saylor’s advocacy for continued Bitcoin acquisitions serves as a testament to his confidence in the digital asset’s future growth and value.
