- Michael Saylor’s bold tweet claims Bitcoin is “going up forever” after its recent surge past $61K, despite a slight pullback.
- MicroStrategy boosts its Bitcoin stash to 226,500 BTC, raising $2B to buy more, signalling confidence in future growth.
- Bitcoin whales seize the dip, adding 94,700 BTC despite market uncertainty, showing strong belief in Bitcoin’s potential.
Michael Saylor, the Bitcoiner and inventor of MicroStrategy, appears to have ruffled some feathers in response to the fact that the price surged past $61K. To this end, Saylor who has since deleted his Twitter account X and chosen a new identity on social media posted an AI-generated picture of him solving Math problems in front of a whiteboard and identified himself as a professor at some university.
Read CRYPTONEWSLAND on
google news
He later tweeted, “My current conclusion is that bitcoin mind as well go higher forever.” The news came after a 5.43 percent one-day increase in Bitcoin prices from $58,000 to just over $61,000 less than two weeks ago on Saturdayynet. But after breaking through $61,000 first time since 6th March, Bitcoin reversed slightly and it fell by 1.1% to reach.
MicroStrategy’s Continued Bitcoin Accumulation
Saylor’s upbeat perspective is consistent with MicroStrategy’s current Bitcoin approach. MicroStrategy revealed earlier this month that it would sell corporate shares in order to obtain $2 billion to purchase more Bitcoin.
MicroStrategy increased its total holdings of Bitcoin to 226,500 BTC in Q2 2024 at a cost of $8.3 billion by purchasing 12,222 BTC for $805 million. It is estimated that this hoard is worth $13.5 billion at the current market price.
Santiment’s on-chain data indicates that big Bitcoin whales with holdings of between 100 and 1,000 BTC have been actively building up their cryptocurrency holdings. These major players have amassed 94,700 BTC, or around $5.72 billion, during the past six weeks. While many traders have sold due to market uncertainty, these whales have seized the opportunity to enhance their holdings.
MicroStrategy Stocks on Sale
After a ten-to-one stock split, MicroStrategy’s stock is 90% less expensive now than it was at over $130 a share. This strategy of trying to bring down the stock price shows how confident the corporation is in its growth. The stock split, which reflects actions taken by companies like Amazon, is a sign of a strong growth prediction.
Saylor is confident in his prediction that Bitcoin will keep growing, even in spite of the caution that characterized the cryptocurrency markets in August. To increase their wealth more quickly, retail investors—especially those who want simplicity—continue to “hodle” their Bitcoin or engage in day trading. Even in the face of market volatility, the bullish sentiment is sustained as long as Bitcoin whales keep amassing wealth and MicroStrategy sticks to its Bitcoin plan.
Crypto News Land, also abbreviated as “CNL”, is an independent media entity – we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
