During the past week’s bitcoin price declines, Michael Saylor, bitcoin proponent and chairman of MicroStrategy, has turned heads with his optimistic view of the situation. In a recent one post on X Saylor stated that “volatility is vitality.” In doing so, he suggests that the current fluctuations in the crypto market are a sign of vibrancy.
Recent declines and growth of bitcoin
Bitcoin has indeed seen quite a bit of volatility after reaching an all-time high of $73,797.68 last week. However, it has since fallen nearly 13% from its peak as interest in newly emerging spot bitcoin exchange-traded funds wanes.
Strategists at JPMorgan Chase & Co. have indicated that this downward trend may continue. At the time of writing, the price of bitcoin had fallen 5.12% in the past 24 hours to $63,196. Despite this recent dip, Bitcoin has still seen great growth over the year, with a 120% increase in value.
Volatility is Vitality.
— Michael Saylor⚡️ (@saylor) March 21, 2024
MicroStrategy’s bitcoin holdings
During these declines, MicroStrategy, led by Saylor, has continued to expand its bitcoin holdings. The company recently completed its second multi-million dollar purchase of Bitcoin in a short period of time. This has put the total ownership at more than 1% of all bitcoin that will ever exist.
Saylor, who began investing in bitcoin in 2020 as a hedge against inflation and an alternative to cash, has led the company to owning 214,246 BTC. With a total supply of bitcoin set at 21 million, of which approximately 19.7 million have already been issued, MicroStrategy’s share is particularly large.
Furthermore, MicroStrategy has been particularly active in the bitcoin market in 2024, with about a quarter of its purchases taking place this year. These recent purchases were made at an average price of $67,382, which is more than double the average price of $35,160 for the company’s entire bitcoin holdings.
Source: https://bitcoinmagazine.nl/nieuws/michael-saylor-reageert-dip
