Michael Saylor Makes Epic Call to Bitcoin Investors Amidst Market Lull
Michael Saylor, chairman and co-founder of MicroStrategy, issued an epic call to the crypto community amidst a market slowdown: "Learn to think in Bitcoin."
Market Analysis
Saylor's message surfaces at a time when the crypto market is experiencing a lull, with Bitcoin and many major assets showing little to no movement. Bitcoin reached its lowest price in nearly a month last Friday, hitting $65,005 before a slight rebound. Currently, the price of Bitcoin sits at $66,571, marking a 0.40% increase on the day. Meanwhile, the market performance remains mixed, with several cryptocurrencies posting losses over the past 24 hours.
Saylor's Strategy
As the market remains relatively quiet, Saylor views this period as optimal for introspection and strategic thinking, emphasizing the need to "learn to think in Bitcoin."
Saylor initiated his Bitcoin purchasing spree in 2020 as an inflation hedge and alternative to holding cash. MicroStrategy has since amassed approximately $12.7 billion in Bitcoin, representing over 1% of all Bitcoin ever created. Bitcoin has surged more than 600% since Saylor began investing.
Market Performance and Future Plans
Bitcoin has appreciated by roughly 60% this year, buoyed by optimism surrounding approved U.S. Bitcoin spot ETFs in January. Concurrently, MicroStrategy's stock has jumped approximately 135%. Last week, MicroStrategy increased its convertible note offering by 40% to $700 million, announcing plans to use these funds to buy more Bitcoin.
Interpretation of Saylor's Message
While interpretations of Saylor's tweet may vary, the call to "learn to think in Bitcoin" likely serves as a reminder to consider the bigger picture beyond short-term market fluctuations. Alternatively, Saylor's message may encourage embracing the financial paradigm initiated by cryptocurrencies, signaling a fundamental shift in how value and wealth are perceived.
Source: Bloomberg
