MicroStrategy’s Michael Saylor ‘continues to bet on Bitcoin price’ as BTC hits $71,000

As Bitcoin (BTC) resumes its meteoric rise, retesting the price of $71,000, MicroStrategy President Michael Saylor’s unwavering confidence in the digital asset remains unwavering.

in a x publication That caught the attention of the crypto community, Saylor said, “they are still betting on Bitcoin.”

Bitcoin, the first and largest cryptocurrency by market value, once again surpassed $71,000, as investors discounted outflows from US exchange-traded funds last week. Nearly $900 million has been withdrawn from Bitcoin ETFs in the past week, showing continued outflows from Grayscale Bitcoin Trust as well as a slowdown in subscriptions to offerings from BlackRock and Fidelity Investment. The group of 10 Bitcoin ETFs had one of its worst weeks since its creation in January.

Most digital assets were rising 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 traded above $71,000 in more than a week.

Shares of cryptocurrency-related companies have also risen. Bitcoin proxy MicroStrategy gained 20%, cryptocurrency exchange Coinbase Global jumped 9%, and miner Marathon Digital rose 5%.

Michael Saylor has been a strong supporter of Bitcoin as a store of value and hedge against inflation. His company, MicroStrategy, has made significant investments in Bitcoin, accumulating around 1% of all the Bitcoin that will ever be issued. Throughout Bitcoin price swings and market volatility, Saylor has maintained a bullish attitude towards Bitcoin.

Saylor’s MicroStrategy has been accumulating Bitcoin since 2020, accumulating 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 investment in Bitcoin, but has also made the company a beacon for other institutional investors considering the cryptocurrency as a viable asset class.