Founder and former CEO of MicroStrategy, staunch Bitcoin advocate Michael Saylor, took to social media platform to avoid a further fall. drop.
Founder and former CEO of MicroStrategy, staunch Bitcoin advocate Michael Saylor, took to social media platform to avoid a further fall. drop.
Meanwhile, small Bitcoin holders continue to sell BTC to gain exposure to the recently approved Bitcoin spot ETFs.
Michael Saylor Struggles to Stop BTC Price Fall
Saylor tweeted to tell his followers and the broader Bitcoin community not to sell their BTC. The approval of spot-based Bitcoin exchange-traded funds issued by the Securities and Exchange Commission earlier this week has sparked Bitcoin volatility, and the flagship cryptocurrency has been falling since as many are now selling to obtain profits with the first price increase, and many are selling to get free funds to invest in Bitcoin ETFs.
On Thursday, the price of the world’s leading cryptocurrency soared 6.10%, reaching a high of $48,711. Immediately after, Bitcoin plummeted 6.78%. hitting the low of $45,729.
MicroStrategy seeks to raise more funds to buy Bitcoin
While CEO in 2020, in August of that year, Saylor introduced a Bitcoin-based course for MicroStrategy as the company searched for a way out of a crisis. At Saylor’s direction, he began purchasing large amounts of Bitcoin on a regular basis and adding them to his balance sheet.
Several times, MicroStrategy issued bonds to buy more Bitcoin. The most recent BTC acquisition was announced about two weeks ago, when the company purchased another 14,620 Bitcoins, worth $615.7 million between the end of November and the end of December 2023. As of December 27, the company holds 189,150 BTC worth $8,666,777,340. According to Saylor’s previous statements, his goal is for the company to acquire a total of 1% of the total circulating supply of Bitcoin.
MicroStrategy is also looking to issue more bonds to raise another 750 million dollars to increase your Bitcoin reserve. Saylor is betting only on Bitcoin, excluding other cryptocurrencies, including the second largest after Bitcoin, Ethereum.
In a recent tweet, another Bitcoin maximalist, Max Keizer, sent a shout-out to Saylor to congratulate him for “getting Bitcoin out of the gutter of electronic currencies” and for “setting the stage for today’s ETF approval.”
