U.Today – the world’s leading cryptocurrency, lost its price balance, failing to meet the expectations of the broader ecosystem after the halving. While the Bitcoin halving did not guarantee a price augment, the digital asset has yet to surge and break above certain critical price levels or reach the $73,000 high it reached before the March 2024 halving.
Saylor’s cryptic post and his continued endorsement
Despite this seemingly indigent performance, Bitcoin supporter and MicroStrategy co-founder Michael Saylor urges investors to have faith in the asset and buy BTC in a cryptic post on X. According to the post, it contains a mouth-watering blue apple with the Bitcoin mark on it.
Saylor’s words accompanying the image are an invitation: “Bite.” A straightforward three-word sentence encapsulates everything that the MicroStrategy co-founder stands for, according to Bitcoin. It is worth noting that under Saylor’s leadership, MicroStrategy remains confident about acquiring the asset regardless of market price.
Recently, the business intelligence firm purchased a staggering 11,931 Bitcoins worth $786 million via Bitcoin at an average price of $65,883 per coin. This has helped trigger the recent price movement.
According to CoinMarketCap data, Bitcoin is currently trading at $61,402.17, up 0.47% in 24 hours.
Typically, while some investors may see this as a loss, Saylor is undeterred by his bullish acquisition strategy. Interestingly, the average purchase price of Bitcoin for MicroStrategy is $36,798, which is a huge profit margin for the company.
Strategic Bitcoin acquisitions by MicroStrategy
Saylor, a staunch supporter of Bitcoin at every opportunity, maintains that despite the uncertainty around BTC’s price, investors should continue to buy Bitcoin. In his words, Saylor stated, “Buy Bitcoin before you need it.”
MicroStrategy CEO Urges Investors to Adopt His Rule for Digital Assets: “Bitcoin: Never Sell.”
According to a report by U.Today, following the recent purchase, MicroStrategy’s holdings now stand at 226,331 Bitcoins purchased for $8.33 billion. Some of the purchases were financed with proceeds from convertible bonds and cash surpluses.
