In the face of a substantial decline in Bitcoin prices, Michael Saylor, the founder and former CEO of MicroStrategy, has issued a call to the Bitcoin community via the X platform. He aims to halt the current slide and steer the community away from further selling pressures.
Saylor’s Plea to Halt BTC Price Decline
Saylor took to Twitter to implore his followers and the broader 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 triggered increased volatility in the Bitcoin market. Many investors are liquidating their holdings to capitalize on the initial price surge, while others are selling to free up funds for investment in Bitcoin ETFs.
On Thursday, Bitcoin experienced a 6.10% surge, reaching a peak of $48,711. However, the rally was short-lived as the cryptocurrency swiftly plummeted by 6.78%, hitting a low of $45,729.
MicroStrategy’s Ongoing Bitcoin Accumulation
Looking back to 2020, during Saylor’s tenure as CEO, MicroStrategy initiated a Bitcoin-centric strategy to navigate a company crisis. The firm began consistently acquiring substantial amounts of Bitcoin and incorporating 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.
As of now, MicroStrategy holds an impressive 189,150 BTC, equivalent to a staggering $8,666,777,340. Saylor’s stated objective is for the company to amass 1% of Bitcoin’s total circulating supply.
MicroStrategy is currently exploring the issuance of additional bonds to raise $750 million, intending to further bolster its Bitcoin reserves. Notably, Saylor’s focus remains exclusively on Bitcoin, excluding other cryptocurrencies, including the second-largest, Ethereum.
In response to Saylor’s commitment to Bitcoin, prominent Bitcoin maximalist Max Keiser acknowledged his efforts, crediting him for elevating Bitcoin’s status and contributing to the recent ETF approval.
The community awaits further developments as Bitcoin enthusiasts navigate the current market turbulence under Saylor’s guidance.
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