Key Points
- MicroStrategy’s Michael Saylor continues to back Bitcoin, appreciating its volatility as a significant feature.
- Despite market skepticism, MicroStrategy holds 226,500 BTC, indicating strong corporate commitment.
Bitcoin, after a brief period of being oversold earlier in August, has made a significant recovery, nearing the crucial $60K mark.
As per the recent update from CoinMarketCap, the leading cryptocurrency was trading at $59,280, indicating a 1.35% increase over the past 24 hours.
Saylor’s Take on Bitcoin
This recent bullish momentum has been met with enthusiasm by long-time Bitcoin advocates, including MicroStrategy’s Co-founder and Chairman, Michael Saylor. Saylor recently tweeted, “Unlock your future. #Bitcoin.”
Joel Valenzuela, the Director of Marketing and Business Development at Dash, echoed Saylor’s sentiment, calling Bitcoin “the future of custodial money.”
Saylor has also emphasized that Bitcoin’s volatility should not be seen as a drawback. Instead, it should be considered an inherent feature of digital assets. He believes this volatility is what makes Bitcoin unique and valuable in the long term.
In a recent Bloomberg interview, Saylor revealed that he personally owns 17,732 BTC and has not sold any of these digital assets. He stated, “I continue to acquire more. I think it’s a great capital investment asset for an individual, family, institutional corporation or country. I can’t see a better place to put my money.”
Microstrategy’s Bitcoin Holdings
Aside from Saylor’s personal Bitcoin holdings, MicroStrategy, the company he leads, has also made a significant mark in the crypto space. As of July’s end, MicroStrategy has accumulated an impressive 226,500 BTC, making it the largest public corporate holder of Bitcoin.
At present market conditions, this massive reserve is valued at approximately $12.7 billion, highlighting the company’s deep commitment to the digital asset.
However, not everyone shares Saylor’s enthusiasm for Bitcoin. Peter Schiff, a well-known financial expert, remains skeptical about Bitcoin’s value. In a recent YouTube discussion, Schiff questioned whether Bitcoin holds any real worth.
The future of Bitcoin remains uncertain. With the RSI still below the neutral level, it is unclear whether Bitcoin will surpass the $60K mark or continue to face resistance before a potential bull run. However, the widening Bollinger Bands suggest increasing volatility, which could signal a bullish shift in the near future.
