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As Bitcoin (BTC) resumes its meteoric rise, retesting the $71,000 price point, MicroStrategy chairman Michael Saylor's unwavering confidence in the digital asset remains unshaken.
In an X post that drew attention from the crypto community, Saylor stated, "still betting on Bitcoin."
Still betting on #Bitcoin...
— Michael Saylor⚡️ (@saylor) March 25, 2024
Bitcoin, the first and largest cryptocurrency by market value, surpassed $71,000 once more, as investors discounted last week's outflows from U.S. exchange-traded funds. Almost $900 million were pulled from Bitcoin ETFs in the last week, showing ongoing outflows from Grayscale Bitcoin Trust as well as a slowing in subscriptions to offerings from BlackRock and Fidelity Investment. The group of 10 Bitcoin ETFs had one of its worst weeks since its inception in January.
Most digital assets were up at the time of writing, with Bitcoin rising 5.41% in the last 24 hours to $70,689. Bitcoin previously hit an intraday high of $71,583, the first time it had traded above $71,000 in more than a week.
Shares of cryptocurrency-related companies have also risen. Bitcoin proxy MicroStrategy gained 20%, crypto exchange Coinbase Global jumped 9% and miner Marathon Digital rose 5%.
Michael Saylor has been an outspoken supporter of Bitcoin as a store of value and inflation hedge. His company, MicroStrategy, has made major investments in Bitcoin, accumulating about 1% of all the Bitcoin that will ever be issued. Throughout Bitcoin's price changes and market volatility, Saylor has maintained a bullish attitude toward Bitcoin.
Saylor's MicroStrategy has been accumulating Bitcoin since 2020, amassing a staggering 214,246 Bitcoin at an average of $35,160 per coin.
This bold strategy has not only placed MicroStrategy at the forefront of corporate Bitcoin investment but also turned the company into a beacon for other institutional investors considering cryptocurrency as a viable asset class.