Bitcoin Advocacy from Michael Saylor: Emphasizes Continued Attention on Cryptocurrency
In the dynamic world of cryptocurrencies, Michael Saylor, a well-known Bitcoin advocate, has reiterated his bullish stance on the flagship digital asset. His recent social media post, which depicted him as a superhero amid a chaotic background with the message "Stay focused on Bitcoin," serves as a testament to his long-term commitment to the digital currency[1].
Saylor, the CEO of MicroStrategy, has been acquiring Bitcoin using his cofounded business intelligence firm, Strategy. Despite the recent volatility in the market, they have continued their Bitcoin acquisitions, adding 430 BTC in August 2021 at an average price of approximately $119,666 per coin[2][3]. This move has increased their total holdings to about 629,376 BTC, valued around $72.3 billion[2][3][4].
Saylor's approach remains singularly focused on acquiring and holding Bitcoin, rather than diversifying into altcoins[1][2][3][4]. This stance is evident in Strategy's actions, which show no inclination towards diversification.
Comparing Bitcoin's recent 24-hour performance to companies like Alphabet (the parent company of Google), Bitcoin has experienced volatility, including a roughly 10% correction, but showed some recovery around $114,000 after dipping lower[4]. Alphabet, on the other hand, has more stable price movements typical of large tech stocks, with no dramatic price swings like Bitcoin presently[5].
At present, Bitcoin's enormous market value and recent gains position it as having extraordinary returns compared to many traditional tech companies over the medium term, although short-term comparisons (like in the last 24 hours) depend on specific market conditions and can vary significantly[5].
As of press time, Bitcoin is trading up by 1.79% at $121,880.94, having hit a new all-time high (ATH) of $124,128 in the last 24 hours, surpassing the value of Alphabet[4].
Meanwhile, Ethereum and XRP are close to recording new record highs. Ethereum is trading at $4,734.49, less than 4% away from its ATH of $4,891.70. XRP, on the other hand, is trading at $3.23, and needs to climb about 15% to reach its ATH of $3.84[1].
Saylor's post may imply that he thinks the ongoing bullish rally with altcoins should not distract investors from the prospects of Bitcoin. His post does not provide any new information about the all-time high (ATH) of any altcoins or the financial or market views of U.Today[1].
References:
- CoinDesk
- Business Insider
- MicroStrategy Investor Relations
- TradingView
- CNBC
- Michael Saylor, known for his advocacy of Bitcoin, has continued acquiring Bitcoin for his business intelligence firm, MicroStrategy, despite market volatility, with a recent purchase of 430 BTC in August 2021.
- Saylor has maintained a singular focus on Bitcoin, chosen to hold it rather than diversify into altcoins like Ethereum and XRP.
- Bitcoin's recent performance has been compared to large tech companies, such as Alphabet, with the digital currency experiencing more volatility in the short term, yet showing extraordinary returns over the medium term.
- As of press time, Bitcoin is trading up and has hit a new all-time high (ATH), surpassing the value of Alphabet, while Ethereum and XRP are nearing new record highs, with Ethereum requiring less than 4% more to reach its ATH, and XRP needing approximately 15%.
