Selloff or Market Correction? Either Way, Here's What to Do NextSee Overvalued Stocks

'Each Day I Grow More Bullish': MicroStrategy CEO Speaks out on Bitcoin

Published 08/29/2024, 11:33 PM
Updated 08/30/2024, 02:45 AM
© Reuters.  \'Each Day I Grow More Bullish\': MicroStrategy CEO Speaks out on Bitcoin
MSTR
-
BTC/USD
-

U.Today - Many participants in the crypto market have become accustomed to MicroStrategy CEO Michael Saylor's posts regarding Bitcoin. As a well-known proponent of the first cryptocurrency, Saylor regularly publishes posts on his social media accounts reiterating his bullish stance on the asset.

Sometimes they are serious and contain some crucial information about Bitcoin. Other times, however, they are more like memes and just plain bullish. This most recent example fits in the latter category.

In it, Michael Saylor, apparently using artificial intelligence, depicted himself in front of the famous Wall Street bull and accompanied the picture with the caption, "Each day I grow more ₿ullish." What could be more eloquent about how the Microstrategy CEO feels about Bitcoin?

However, Saylor's words are backed up by his actions, as MicroStrategy is already one of the largest holders of Bitcoin, with 226,500 BTC, worth $13.68 billion. This is definitely not the end of the buying from the tech company's side, and as September approaches, we can expect a new purchase announcement from Saylor and company very soon.

Bitcoin or MSTR?

Meanwhile, Bitcoin is up 2.7% in today's market, pushing it back above $60,000 per BTC. The key price level was lost for some time recently, after Nvidia's report disappointed traders. As a beta to tech stocks, Bitcoin also lost ground, but we may see that the buyers are still here. And Saylor is definitely one of them.

What is funny is that while Bitcoin is falling as a beta to tech stocks, MicroStrategy stock MSTR itself became a beta to the cryptocurrency, considering how much cryptocurrency it holds - so much so that even miners like Vortex Brands are starting to acquire MicroStrategy stock as a strategic asset.

This content was originally published on U.Today

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.