Bitcoin Price Cools as, Michael Saylor Shares Bullish Sentiment
- The Bitcoin price dropped to $34,400 after a 30% rally last month, entering a cool-off period.
- MicroStrategy’s Michael Saylor claims that one “can never have too much Bitcoin.”
- The company purchased an additional 155 BTC in October and now holds 158,400 BTC.
- Saylor stated that the majority of selling pressure in the market is coming from miners post-crypto winter.
The price of the world’s largest cryptocurrency, Bitcoin (BTC), cooled off slightly, losing the $35,000 price level in the last 24 hours. Interestingly, Michael Saylor, the former CEO and Executive Chairman of MicroStrategy, a provider of enterprise analytics and mobility software and services based in the United States, claims that there is no limit to the amount of BTC one can hold.
Bitcoin skyrocketed almost 30% this month, showing impressive gains despite the Hamas-Israel conflict and the rising inflation concerns around the globe. Interestingly, the leading digital asset achieved sky-high dominance of over 50% earlier in October, followed by Etheruem (ETH), which rose by 9.6% in the past 30 days, as per data from Bitnation.
In the past 24 hours, BTC dropped to $34,400 while Ether dropped to $1,800. Despite the cooling off of prices, Saylor stated that one “can never have too much Bitcoin,” while adding:
“Most of the natural sellers of Bitcoin in the market right now are Bitcoin miners, and they have to sell to cover their electricity bills and capital costs and retire their debt. That’s about a billion dollars per month worth of selling into the market. The protocol forces that to be cut in half as of next April, or late April.”
According to the official data, MicroStrategy acquired a whopping 155 BTC in October for $5.3 million and now holds 158,400 BTC. Following the October rally, the company was in significant profit and experiencing billions in losses when the price of Bitcoin dipped to $15,000 following the collapse of crypto exchange FTX under the leadership of Sam Bankman-Fried, also known as SBF in the crypto sector.
2023 has been quite profitable for MicroStrategy, as it reported a gain of $94 million in Q1. At that time, Phong Lee, the new CEO, stated that his company’s “conviction” in Bitcoin is as “strong” as ever.
Saylor Talks About the Effects of Bitcoin Halving
Meanwhile, Bitcoin halving is approaching, and Saylor said, “You’re going to see $12 billion of natural selling per year converted to $6 billion of natural selling a year,” while adding:
“At the same time as things like spot Bitcoin ETFs increase the demand for Bitcoin. So that’s why all of us are fairly bullish over the next 12 months. Demand is going to increase, and supply is going to contract and this is fairly unprecedented in the history of Wall Street.”
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
