Bitcoin Performance and MicroStrategy's Continued Advocacy
Michael Saylor Advocates Continued Investment
Bitcoin, the world’s leading cryptocurrency, has experienced a stall in price performance, falling short of broader ecosystem expectations following the recent halving event. Despite the halving not being a guaranteed trigger for a price surge, the digital asset has struggled to break critical price levels or reclaim the $73,000 peak it reached in March 2024 before the halving.
Michael Saylor's Advocacy for Bitcoin
Despite the lackluster performance, Bitcoin advocate and MicroStrategy cofounder Michael Saylor continues to champion the asset. In a cryptic post on X (formerly Twitter), Saylor encouraged investors to "take a bite," accompanied by an image of a blue apple with a Bitcoin symbol. This reflects Saylor's unwavering support for Bitcoin under his leadership at MicroStrategy.
Strategic Bitcoin Acquisitions by MicroStrategy
MicroStrategy recently purchased 11,931 Bitcoin for $786 million, at an average price of $65,883 per coin. This move aligns with Saylor's bullish acquisition strategy, regardless of Bitcoin's current market price. Despite the recent dip, Bitcoin is trading at $61,402.17, up 0.47% in the last 24 hours according to CoinMarketCap.
Saylor remains undeterred by short-term price fluctuations. MicroStrategy's average Bitcoin purchase price stands at $36,798, securing a significant profit margin for the firm. Saylor's consistent message to investors is to "buy Bitcoin before you need it" and adhere to the principle of "Bitcoin: never sell."
MicroStrategy's Bitcoin Holdings
Following the recent acquisition, MicroStrategy now holds 226,331 Bitcoin, purchased for a total of $8.33 billion. The company financed some of these purchases through convertible senior notes and excess cash, demonstrating its commitment to a long-term investment in Bitcoin.
