U.Today – Michael Saylor, co-founder and CEO of MicroStrategy, made a statement that resonated with the cryptocurrency community. In a tweet, Saylor wrote, “Imagine everything divided by 21 million,” along with a GIF commemorating Bitcoin Infinity Day, which falls on August 21.
Bitcoin Infinity Day, celebrated today, holds special significance for Bitcoin enthusiasts and reminds us that the supply of Bitcoins is narrow.
The date of August 21 can be written as 8/21. The number “8” represents the infinity symbol, “,”, while the “21” refers to the maximum supply of Bitcoins that will ever be created, which is 21 million.
Saylor’s statement addresses one of the most fundamental aspects of Bitcoin: its fixed supply. Unlike typical fiat currencies, Bitcoin’s total supply is capped at 21 million coins.
By saying, “Imagine everything divided by 21 million,” Saylor emphasizes Bitcoin’s finite supply. This scarcity remains a key part of Bitcoin’s value proposition.
Bitcoin Derivatives Signal BTC Price Reversal
According to Bloomberg, there is an increasing likelihood of a “short squeeze” in the Bitcoin derivatives market, which could lead to a significant escalate in the BTC price, notes K33 Research.
The Bitcoin futures funding rate, which gauges how bullish or bearish speculators are, can signal a bullish move in BTC price. Aug. 20 had the lowest seven-day average annualized funding rate since March 2023, according to K33.
The cryptocurrency market has been in a cautious mood recently, with Bitcoin continuing to lose value in August after failing to sustain a price above $60,000.
Fears that the US government may sell seized tokens have recently weighed on Bitcoin’s price. Traders are also awaiting key comments from Federal Reserve Chairman Jerome Powell, whose hints at likely interest rate cuts could cause volatility.
At the time of writing, BTC is down 2.03% in the past 24 hours to 59,492, about $14,250 below its all-time high in March.
