MicroStrategy’s Michael Saylor Breaks Silence on BTC Price Drop

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Written By Maya Cantina

Fri, 22/03/2024 – 17:15

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Michael Saylor, Bitcoin bull and chairman of MicroStrategy, has once again captured the attention of the cryptocurrency community with his recent comment on X. Bitcoin, the largest cryptocurrency by market capitalization, has experienced significant volatility after reaching an all-time high of $73,797.68 last week.

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The lead crypto has since fallen nearly 13% from its all-time high as the appetite for fledgling spot Bitcoin exchange-traded funds cools off. JPMorgan Chase and Co. strategists have warned that the retreat has room to run.

Against this backdrop, Saylor made a comment on X regarding volatility.

“Volatility is vitality,” Saylor wrote on X in an optimistic statement that seems to allude to the current volatility experienced on the crypto markets. An X user, Crypto Tea, commented under Saylor’s post: “Volatility is the price you pay to outperform the stock market by 10x.”

At the time of writing, BTC was down 5.12% in the last 24 hours to $63,196, having dipped to intraday lows of $62,570 from highs of $66,651. Despite BTC’s recent price dip, Bitcoin has outperformed yearly, posting 120% growth.

MicroStrategy now owns over 1% of Bitcoin supply

MicroStrategy recently made its second multimillion-dollar Bitcoin purchase, bringing its total holdings to more than 1% of all the Bitcoin that will ever be issued.

Michael Saylor began buying Bitcoin in 2020 as an inflation hedge and cash alternative. The business now owns 214,246 BTC, and the maximum total supply of Bitcoin is 21 million, with around 19.7 million tokens issued to date. It is expected that the 21 million supply milestone will be attained by 2140.

According to Bloomberg, about a quarter of MicroStrategy’s Bitcoin purchases occurred in 2024, at an average cost more than double that of the previous year.

The average price for the most recent acquisition of Bitcoin was $67,382, while the average price for MicroStrategy’s total BTC holding was $35,160.

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