MicroStrategy Chairman Michael Saylor delivered a significant Bitcoin statement, advising investors to bet on the coin.
Bitcoin (BTC) experienced a recent surge in value that propelled it past the $67,000 threshold after a fortnight during which it threatened to fall below $60,000.
The enduring nature of the market may have incited Michael Saylor, the founder of MicroStrategy, to reaffirm his optimistic position regarding the cryptocurrency asset.
Saylor Tells Investors to Bet on Bitcoin
Saylor uploaded a photo of two illuminated Bitcoin logo-engraved dice to the X application.
He added the caption “Bet on Bitcoin” to the image. Unfazed by the coin’s price fluctuations, Saylor guided MicroStrategy to amass a substantial Bitcoin holding for nearly four years.
The enormous profits generated by his business intelligence and software firm as a result of implementing a Bitcoin strategy are comparable.
However, this takes the price of Bitcoin at the moment of purchase and the current price into account.
Saylor may have been urging investors to invest in Bitcoin (BTC) or adopt a strategy comparable to that of his firm with his recent remark on X.
As a result of MicroStrategy’s adoption of the Bitcoin strategy, his continued support for the flagship cryptocurrency is contingent on either increased user activity or immense profits.
Saylor generated $400 million in revenue from daily pre-scheduled sales of the enterprise software company’s shares last month.
The magnitude of Bitcoin that MicroStrategy maintains substantially reflects his bullish position.
In April, Coingape acquired 122 Bitcoin for $7.8 million, bringing the company’s total Bitcoin holdings to 214,000 Bitcoin.
Despite its substantial holding, the firm has refrained from making any statements regarding the selling of the Bitcoin.
MicroStrategy Founder Pushes BTC Over Other Cryptos
Saylor recently expanded upon his support for Bitcoin by designating Ethereum as a security asset, thereby corroborating Gary Gensler’s inflexible classification of the cryptocurrency.
He remarked on Ethereum on May 2, 2024, during his presentation at the MicroStrategy World 2024 conference.
By criticizing the probability of receiving authorization from the United States Securities and Exchange Commission (SEC) for a spot Ethereum ETF offering, the founder of MicroStrategy implied Bitcoin’s superiority.
Further down the hierarchy, he predicted that SOL, XRP, and ADA, among other crypto assets, would be categorized as unregistered securities.
Although he received criticism from numerous market observers and experts for this audacious declaration, the legendary trader Peter Brandt supported him.
Brandt said, “This is a one-horse race,” alluding obliquely to a previous video in which Saylor had argued for the superiority of Bitcoin.
