As long as Michael Saylor is around, Bitcoin will never walk alone.
The billionaire co-founder and CEO of MicroStrategy (MSTR) – Get the MicroStrategy Incorporated reportand the four-alarm bitcoin evangelist has taken the concept of HODL — sometimes known as “hold on for life” — to the stratosphere.
Bitcoin under pressure
It’s a tough time for digital currencies. Edward Moya, senior market analyst for the Americas at Oanda, noted that “the news cycle has been pretty awful for crypto markets.”
“Bitcoin is under pressure and struggling to maintain the $20,000 level,” Moya said. “If bitcoin breaks below the recent low around $17,500, there isn’t much support until the $14,500 level.”
Bitcoin, the king of cryptocurrencies, is being crowned, losing more than 70% of its value since peaking at $69,077.44 on November 10
Additionally, lender Celsius Network remained silent after suspending fund withdrawals and all other operations on its platform.
Sister tokens Luna and UST, or TerraUSD, in the Terra ecosystem collapsed, leading to the disappearance of at least $55 billion.
And Singapore-based crypto hedge fund Three Arrows Capital (3AC) just defaulted on a loan worth over $670 million, after having $200 million exposure to Luna.
Well, others may be dropping cryptocurrency at lightning speed, but Saylor is riding through the storm with her head held high, unafraid of all that red ink.
Yes, this is the same man who lost around $1.3 billion on Bitcoin, according to Bitcoin Treasuries.
“A good time to buy”
But is it time to cut and run? Judging by his recent actions, Saylor’s response would be a “Hell, no!”
He walks through the wind and rain, with hope in his heart and hopefully lots of money in his bank account, buying even more bitcoins.
“MicroStrategy purchased an additional 480 bitcoins for approximately $10.0 million at an average price of approximately $20,817 per #bitcoin. As of 06/28/22 @MicroStrategy holds ~129,699 bitcoins acquired for ~$3.98 billion at an average price of ~$30,664 per bitcoin. $MSTR“Sallor tweeted in the world on June 29
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Some people may question the wisdom of this, but Neil Bergquist, CEO and founder of digital currency exchange Coinme, supported both Bitcoin and Saylor.
“BTC has a simple long-term value proposition that will stand the test of short-term corrections caused by excessive greed and poor risk management,” he said. “I always support when Saylor buys BTC and now seems like a great time to buy.”
Naturally, Saylor’s announcement sparked all sorts of attitudes on social media.
“A great hero or a great fool”
“As some people worry about whether or not MicroStrategy will go into liquidation, they keep accumulating more bitcoins,” one person said. tweeted. “Michael Saylor has already made it clear that they will continue to buy more bitcoins whenever they have excess cash. MicroStrategy fully believes in the potential of bitcoin.”
“You will go down in history as a great hero or a great fool”, another commentator said. “Either way, you will be remembered forever. Good luck, sir.”
“Your belief is amazing and thank you for all you do for crypto sir!” a tweet said.
“Why do you feel the need to tell everyone? » another poster asked. “Does it make you feel superior to those who can’t afford to buy or who are blocked by their banks? We all know you’re rich, but you keep giving it to us. Thank you for that !”
Economist Peter Schiff, Bitcoin’s own doomsayer, hate tweeted his feelings about Saylor’s actions.
“Old Man Shouts Bitcoin”
“So $MSTR is down $1.4 billion on #Bitcoins, but you keep dropping on average, throwing away not-so-good money after incredibly bad,” he said. “(I am) sure that without your purchase, the price of bitcoin would be lower. But now that you’re done, the decline can resume until you lose more money by buying again.”
Of course, it wouldn’t be Twitter without critics getting their own snark order.
A poster responded to Schiff by putting an image from Grandpa Simpson on the front page of a newspaper with the screaming headline “Old Man Yells at Bitcoin”.
“Old man but richer than you man,” came reply. “He’s sleeping…you’re not sleeping.”
So remember that at the end of a storm there is a golden sky and the soft silver song of a lark.
And a lot of sarcasm.
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