U.Today – As the cryptocurrency market faces uncertainty, Michael Saylor, CEO and co-founder of MicroStrategy, has issued a message expressing his belief in the crypto asset. In a tweet, Saylor declared, “Bitcoin is the future,” signaling his continued confidence in Bitcoin’s long-term potential despite short-term price volatility.
Saylor’s statement comes at a time when Bitcoin has experienced significant volatility. BTC fell for two days in a row before rising in today’s trading session.
Most of the decline came after the latest (July) US Consumer Price Index (CPI) data was released tardy Wednesday evening. Net outflows from US-listed spot Bitcoin ETFs contributed in part to the decline, with Grayscale’s GBTC taking the biggest hit.
At the time of writing, BTC is up 0.43% in the past 24 hours to $58,423, recovering losses to highs of $58,633 after falling to lows of $56,120 in Thursday’s trading session. This bounce shows Bitcoin’s potential to regain strength even in the face of market uncertainty, which Saylor has often highlighted in his support for Bitcoin.
In a recent tweet, Saylor stated that “Bitcoin volatility is a feature, not a bug.”
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Concerns about the job market and the broader economy grew earlier this month when the July jobs report came in worse than expected. That also raised questions about whether the Federal Reserve should have cut interest rates already.
A rate cut in September, when the central bank meets again, has been heavily priced in by markets, supported by inflation statistics released earlier this week. The consumer price index rose 0.2% monthly in July, in line with expectations, and rose 2.9% year-on-year, which was lower than forecast.
This is extremely critical because in recent months cryptocurrencies have been “sensitive” to US economic data.
The market is now awaiting comments from Federal Reserve officials in the coming weeks to assess the outlook for the economy and interest rates, particularly in airy of the Jackson Hole symposium next week.
