Bitcoin, the largest cryptocurrency by market cap, has recently hit a one-month low as this year’s record surge shows signs of exhaustion due to a lack of new market drivers. In the midst of this crisis, Michael Saylor, co-founder and president of MicroStrategy and well-known Bitcoin advocate, responded with his characteristic mix of optimism and humor.
Bitcoin, the largest cryptocurrency by market cap, has recently hit a one-month low as this year’s record surge shows signs of exhaustion due to a lack of new market drivers. In the midst of this crisis, Michael Saylor, co-founder and president of MicroStrategy and well-known Bitcoin advocate, responded with his characteristic mix of optimism and humor.
During the trading session on Friday, the price of Bitcoin fell to a more than one-month low of $63,300, the lowest level since May 15. The drop coincides with outflows from Bitcoin exchange-traded funds (ETFs) and the weakening prospects for interest rate cuts in the United States.
On June 21, Bitcoin spot ETFs experienced a cumulative net outflow of $106 million. According to data from Spotonchain, net inflow has been negative throughout the trading week, with a total outflow of $545 million. These outflows may indicate a cooling of interest among institutional investors, increasing negative pressure on the price of Bitcoin. At the time of writing, Bitcoin was showing little movement, up 0.48% in the last 24 hours to $64,229.
Against the curtain, Taylor He took to X (formerly Twitter) to share a light-hearted meme. The image showed beloved Sesame Street character Cookie Monster devouring Bitcoins, accompanied by the caption “New logo?” This tweet demonstrates Saylor’s typical approach to market volatility: be optimistic and focus on Bitcoin’s long-term potential.
Tomiwabold OlajideSaylor has been one of the most vocal proponents of Bitcoin in the business world. Under his leadership, MicroStrategy has invested heavily in Bitcoin, considering it a strategic asset to protect against inflation and currency devaluation.
The recent drop in Bitcoin price could have caused concern among investors. Injecting humor into the situation, Saylor’s tweet is a reminder for the crypto community to stay focused on the big picture rather than short-term fluctuations.
