Michael Saylor urges retail holders of crypto assets to keep BTC
Michael Saylor urges retail holders of crypto assets to keep BTC
Michael Saylor, founder of MicroStrategy, commented on the Bitcoin market and appealed to the community of BTC holders to stop further price declines.
In August 2020, Saylor, then CEO of MicroStrategy, unveiled the company's new Bitcoin strategy. By the end of December 2023, MicroStrategy's total Bitcoin holdings reached 189,150 BTCs, purchased for approximately $5.9 billion, and the average purchase price per BTC was approximately $31,168. Between November 30 and December 26 alone, the company purchased 14,620 Bitcoins (BTC) for approximately $615.7 million.
Michael Saylor himself is an ardent supporter of Bitcoin and is actively involved in its development and widespread adoption.
In a post on X (Twitter), Saylor urged Bitcoin holders not to sell their BTCs, which are being actively dumped to be exchanged for the spot Bitcoin ETF.
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The US Securities and Exchange Commission's approval of the spot Bitcoin ETF on January 10, 2024, has triggered BTC volatility, U.Today reported.
This caused the price of BTC to drop as many retail investors began selling it en masse to take advantage of the initial price spike as well as get funds to invest in Bitcoin ETFs.
On Thursday, the price of the world's leading cryptocurrency rose 6.10 percent to a high of $48,711 before falling 6.78 percent to a low of $45,729.
LSEG data showed that $4.6 billion worth of shares were traded in US-registered Bitcoin exchange-traded funds (ETFs) on Jan. 11, 2024, the first day of trading after SEC approval.
Todd Rosenbluth, Head of Research at VettaFi, said he expects more inflows into Bitcoin ETFs.
BTC is currently trading at $45,763.
Also read: CoinShares acquires Valkyrie Funds
