Bitcoin, the world’s leading cryptocurrency, has stagnated in price performance, falling short of expectations from the broader ecosystem following the halving event. Although the Bitcoin halving was not a guarantee of a price increase, the digital asset has not yet skyrocketed and surpassed certain critical price levels or reached the peak of $73,000 that it reached before the halving. half in March 2024.
Bitcoin, the world’s leading cryptocurrency, has been stagnant in price performance, falling short of the expectations of the broader ecosystem following the halving event. Although the Bitcoin halving was not a guarantee of a price surge, the digital asset has yet to skyrocket past certain critical price levels or reach the peak of $73,000 it reached before the halving in March 2024.
Saylor’s cryptic post and continued defense
Despite this seemingly poor performance, Bitcoin advocate and MicroStrategy co-founder Michael Saylor, in a cryptic post about X, urges investors to have faith in the asset and buy BTC. According to the post, it contains an appetizing blue apple with a Bitcoin sign.
Saylor’s words accompanying the image are an invitation: “Take a bite.” The simple three-word phrase embodies everything the MicroStrategy co-founder stands for, according to Bitcoin. Notably, under Saylor’s leadership, MicroStrategy remains bullish on acquiring the asset regardless of market price.
Recently, the business intelligence firm made a Bitcoin purchase for a staggering 11,931 Bitcoin worth $786 million at an average price of $65,883 per coin. This has helped trigger a change in price as of late.
According to data from CoinMarketCap, Bitcoin is currently trading at $61,402.17, up 0.47% in 24 hours.
Generally, while some investors may consider this a loss, Saylor is undeterred by his bullish acquisition strategy. Interestingly, the average Bitcoin purchase price for MicroStrategy sits at $36,798, a huge profit margin for the company.
MicroStrategy’s Strategic Bitcoin Acquisitions
Saylor, a strong supporter of Bitcoin at every opportunity, maintains that despite the uncertainty in the price of BTC, investors should continue buying Bitcoin. In his words, Saylor stated: “Buy Bitcoin before you need it.”
The head of MicroStrategy insists that investors should adopt his principle on the digital asset, “Bitcoin: never sell.”
According to U.Today’s report, after the recent purchase, MicroStrategy’s stock now stands at 226,331 bitcoins acquired for $8.33 billion. Some of the purchases were funded by proceeds from convertible senior notes and excess cash.
