Home » Blog » Crypto Biz: Did Michael Saylor buy the Bitcoin bottom for once?

Crypto Biz: Did Michael Saylor buy the Bitcoin bottom for once?

by Admin
Crypto Biz: Did Michael Saylor buy the Bitcoin bottom for once?

Bitcoin Saylor

Crypto Biz: Did Michael Saylor Buy The Bitcoin Bottom For Once?

Michael Saylor, the CEO of MicroStrategy Inc., has been making headlines with his bold moves in the crypto space. He has been one of the major investors in Bitcoin, and has made a series of huge purchases of the cryptocurrency over the past several months.

Just recently, Saylor made headlines again for a major purchase – the largest to date – resulting in mixed opinions about his timing. Did he buy the “Bitcoin Bottom”, which is considered the lowest price point for Bitcoin, or is he taking an unnecessary gamble?

Why Saylor Believes He Bought The Bottom

Saylor was very vocal about his purchases, citing the following reasons for his confidence that he bought the “bottom”:

  • sentiment toward Bitcoin has changed : Saylor believes that sentiment toward Bitcoin has shifted and will stay in favor of the digital currency, resulting in higher prices in the future. He cited the growing institutional interest, increasing adoption of cryptocurrencies, and a shift in the mindset of investors as reasons for the changing sentiment.
  • Cash is losing value: Saylor also believes that investors should not be holding cash, which may be losing value due to inflation, and instead should invest in Bitcoin, which is expected to appreciate in value over time.
  • Historical evidence: Saylor also pointed to historical evidence, saying that every time Bitcoin has gone through a bear market, it has always recovered and gone on to reach new highs.

Arguments Against Buying The Bottom

That being said, not everyone is convinced that buying the bottom is a wise decision. The following are some of the arguments against Saylor’s move:

  • Fundamentals may not support the purchase: Many believe that the fundamentals of Bitcoin do not currently support the recent price increase, and that Saylor’s purchase may be premature.
  • Possible manipulation: Some are also concerned that the recent price increase in Bitcoin may have been manipulated, and that Saylor’s purchase could be seen as “buying in the wake of manipulation”.
  • Too risky:Finally, many believe that making such a large purchase at this point in the market is too risky, and that Saylor should wait for Bitcoin to reach a more stable price point before making such a gamble.

Conclusion

Only time will tell whether or not Saylor made the right decision, but for now it looks like he is quite confident that he bought the “bottom” of the Bitcoin market. Whether or not he will be proven correct remains to be seen.

It could be argued that Michael Saylor, the CEO of MicroStrategy, has been on the forefront of making Bitcoin (BTC) more mainstream. After announcing MicroStrategy’s shift to BTC as a reserve asset in August, 2020, Saylor has since doubled-down in his mission to acquire the largest digital asset and has gone on an unprecedented 18,000 BTC shopping spree. With it being estimated that Saylor has spend around $1.3 billion USD on Bitcoin, the popular question now being asked is: Did Saylor buy the Bitcoin market “bottom” for once?

At some point in recent weeks, the world’s most prominent digital asset seemed to be crash-diving in terms of value, trading as low as $27,000. This was a significant drop off from the price of nearly $65000 early in April. It still wasn’t clear as to whether the whales were done selling or the market was slowly regaining its momentum.

With BTC back above $43,000, many analysts are crediting Michael Saylor’s buying spree with assisting the current upturn in terms of the asset’s price. Although there is still some risk involved, especially considering the current volatile nature of cryptocurrency prices, analysts are generally bullish about the future of BTC in the wake of Saylor’s purchase.

In an interview earlier this year, Saylor noted that: “At MicroStrategy, we have purchased over 38,000 bitcoins for $1.3 billion at an average price of approximately $36,00 per bitcoin. To the degree that this currency increases in price, the perceived value of our investment increases.”

Given that Bitcoin’s current price is above $40,000, this would indicate that the purchase of BTC at those levels has been a success. Although it is impossible to predict when the current fluctuations in the market will end, what is clear is that Saylor’s buying drive has played an important role in the current bullish uptrend the asset is facing. It could well be the case that his purchase of BTC at around $27,000 will end up being viewed as one of the wisest price points of the entire market cycle.

As cryptocurrencies become more widely accepted, moves like Saylor’s bullish bets on Bitcoin will likely play a key role in ushering them into the mainstream financial sphere. It will be interesting to see how the market reacts if Saylor were to go on another buying spree at current prices, but many astute investors are likely hoping this will be the case.

You may also like

logo

Site Experts is the Right place for those that need to have their own place to post articles to share the world. AWe are able to help share with people that love to read. tha tis why Site Experts is here giving you what you want to read.

Payment Icons

©2021 – 2023 All Right Reserved.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy

Adblock Detected

Please support us by disabling your AdBlocker extension from your browsers for our website.