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MicroStrategy's Michael Saylor Sees Bitcoin's Volatility As Market Vitality: 'Bitcoin Is Winning'

Published 24/03/2024, 14:29
© Reuters.  MicroStrategy's Michael Saylor Sees Bitcoin's Volatility As Market Vitality: 'Bitcoin Is Winning'

Benzinga - by Bibhu Pattnaik, Benzinga Staff Writer.

Bitcoin advocate and MicroStrategy Inc. (NASDAQ: MSTR) CEO Michael Saylor has shared his perspective on the cryptocurrency's volatility.

After Bitcoin hit a record high of $73,797.68 last week, it has since seen a nearly 13% decline from its peak, sparking discussions within the crypto community.

Saylor, known for his bullish stance on Bitcoin, shared his thoughts on social media platform X.

He described volatility as "vitality," suggesting that the current price movements are a natural part of the market's dynamics.

This comment comes as Bitcoin's price dipped to $63,196 on Friday. Despite the recent downturn, Bitcoin has demonstrated significant growth over the year, with a 120% increase.

Also Read: Crypto Carnage - Bitcoin's Slide Below $69,000 Triggers Massive $700 Million Liquidation

In another post on X, Saylor said that Bitcoin is winning and compared its position with the S&P 500, Nasdaq, gold, silver, and bonds.

MicroStrategy, meanwhile, has further cemented its investment in Bitcoin, now owning over 1% of the total Bitcoin supply.

This strategic accumulation of Bitcoin underscores MicroStrategy's commitment to the cryptocurrency as both an inflation hedge and a cash alternative.

MicroStrategy's aggressive Bitcoin acquisition strategy has continued into 2024, with the company's recent purchases being made at an average price of $67,382 per Bitcoin.

This brings the average cost of MicroStrategy’s total Bitcoin holdings to $35,160 per token, highlighting the company's long-term confidence in Bitcoin's value.

At the time of writing, Bitcoin was trading at $65,441.76, down by 3% in the last seven days.

Now Read: Forget Dogecoin And Shiba Inu — This Meme Coin Has Surged Nearly 70% In Just 24 Hours

Image: Shutterstock

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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