Michael Saylor, the founder and former CEO of MicroStrategy and an outspoken supporter of Bitcoin, has turned to the X/Twitter social media platform to discuss the recent significant reduction in the price of Bitcoin and to appeal to the BTC community to try to stop a further collapse.
Small Bitcoin investors are nonetheless selling their holdings in the meantime to get exposure to the recently authorised spot Bitcoin ETFs.
Michael Saylor strives to stop BTC price fall
Saylor used Twitter to advise his fans and the Bitcoin community at large to hold onto their Bitcoins. The main cryptocurrency has been declining since the Securities and Exchange Commission approved spot-based Bitcoin exchange-traded funds earlier this week. Many people are selling to profit from the first price increase, and many more are selling to obtain free money to invest in Bitcoin ETFs.
The price of the most popular cryptocurrency in the world increased by 6.10% on Thursday, hitting a high of $48,711. Following that, Bitcoin had a 6.78% decline, reaching a low of $45,729 right away.
https://x.com/saylor/status/1745533771367993757?s=20
MicroStrategy seeks to raise more funds to buy Bitcoin
Saylor launched a Bitcoin-based training for MicroStrategy in August 2020, his first August as CEO, as the firm looked for a way out of a crisis. It started regularly buying large amounts of Bitcoin and putting them to its balance sheet at Saylor’s request.
To purchase additional Bitcoin, MicroStrategy released bonds on many occasions. About two weeks ago, the corporation said that it had acquired 14,620 more Bitcoins, spending $615.7 million between the end of November 2023 and the end of December 2023. This was the most recent Bitcoin acquisition. The business has 189,150 BTC, valued at an astounding $8,666,777,340, as of December 27. Saylor has stated in the past that the firm wants to own 1% of the entire amount of Bitcoin that is in circulation.
In order to obtain an additional $750 million to expand its Bitcoin holdings, MicroStrategy also plans to issue further bonds. Saylor just wants Bitcoin, not even Ethereum, which is the second-largest cryptocurrency after Bitcoin.
Saylor received praise from fellow Bitcoin maximalist Max Keiser for “taking Bitcoin out of the s-coin gutter” and “setting the stage for today’s ETF approval” in a recent tweet.
