Bitcoiner Michael Saylor sparks heated discussion with ‘anti-bear’ BTC tweet

The founder and former CEO of business intelligence giant MicroStrategy, Michael Saylor, has garnered a lot of engagement from the Bitcoin community with his recent post on bears allowed. #Bitcoin.”

The Bitcoin community responded enthusiastically to the image of a sad-looking bear, with some stating that “Bitcoin bulls are welcome.”

MicroStrategy has a staggering amount of Bitcoin on its balance sheet. In August 2020, in an attempt to reverse its declining profits, the company, with Saylor as its CEO at the time, began accumulating BTC chunk after chunk, paying millions of US dollars for each chunk.

Several times, MicroStrategy even issued secured notes in order to obtain funds to purchase more Bitcoin. So far, the company has acquired 158,400 BTC after a recent Bitcoin purchase. This amount of BTC is equivalent to $5,925,934,080 at the time of writing this article.

Bitcoin holder confidence remains high: Anthony Pompliano

Prominent venture capitalist and podcaster Anthony Pompliano (known to many as “Pomp”) has taken to App X to encourage the army of Bitcoin holders and those who want to join them and jump on the Bitcoin bandwagon.

Pomp claimed in his X post that more than half of the Bitcoin supply (57%, to be exact) has not moved for at least two years. These cryptocurrency fans and financial institutions have held firm on their BTC even as the flagship cryptocurrency fell from its 2021 all-time high of $69,000, declined to $15,000 in a series of declines, and then gradually rose back to the level of $37,000.

These statistics led Pomp to the conclusion that “volatility has not affected the confidence of Bitcoin holders.”

Bitcoin Targets $41,200, Charles Edwards Believes

Crypto analyst and founder of the Capriole Investments fund, Charles Edwards, expects Bitcoin to reach the $41,200 level within five months. He believes that the upcoming Bitcoin mining is the main reason.

Edwards explained that once the halving occurs in April next year, Bitcoin’s electrical cost (the cost of the raw energy needed to mine BTC) will double overnight. He believes that inefficient miners will start shutting down their equipment once the Bitcoin reward decreases by half.

After the two previous halvings, BTC electricity cost increased +65% and +50% from pre-halving values. Edwards concluded: “If electricity costs bottom out at +50% this time, that means Bitcoin’s all-time low price will be $41.2k in just 5 months.”