Michael Saylor, executive chairman of Strategy and known as a prominent Bitcoin advocate, made a statement that caught the market's attention. In his social media post, he shared an image styled after 'The Dude' with the caption 'Bitcoin Abides'.
Meaning of Michael Saylor's Post
Saylor's post was made at a time when Bitcoin's price hovered just under $119,000. The caption 'Bitcoin Abides' can be seen as a reaffirmation of his faith in the digital currency and its resilience in the market.
Bitcoin Purchase Data
According to the latest figures, Strategy currently holds 601,550 Bitcoins, worth approximately $71.3 billion. Since June 1, the company has added over 20,000 coins to its portfolio, with a recent report dated July 14 showing an addition of another 4,225 Bitcoins.
Market Analysis of Bitcoin
With the current price of Bitcoin, the company's cost basis stands at $71,269 per coin, reflecting a 66% paper gain. Bitcoins account for around 57% of Strategy's market cap, indicating that investments in the cryptocurrency are not merely a short-term decision.
Overall, Michael Saylor's post emphasizes not only his personal beliefs but also Strategy's strategic positioning in the Bitcoin market, shaping expectations among both optimists and skeptics.
