Michael Saylor once again advocated for Bitcoin, calling it a better alternative to unstable fiat currencies.
Michael Saylor on Bitcoin
Strategy cofounder Michael Saylor once again emphasized Bitcoin's safety compared to fiat currencies, which devalue due to inflation. On Monday, he posted a message on social media urging to 'Try BTC' along with a chart showing the dollar's strengthening against the Turkish lira.
Strategy's Additional Bitcoin Purchases
Strategy confirmed the purchase of $10.7 million in Bitcoin on Monday, just days after announcing plans to raise up to $21 billion through preferred stock sales. These funds are intended for general business use, including cryptocurrency purchases. Last week, the company announced its intention to issue $500 million in dollar-denominated perpetual preferred stock to support its operations and further BTC acquisitions.
Market Reaction to Upcoming Fed Decision
On Wednesday morning, Bitcoin reached $84,330 before the Federal Open Market Committee (FOMC) meeting, where no change in rates is expected. The $80,000 level remains a significant benchmark, with its breach potentially leading to a substantial market decline. Glassnode reports decreased liquidity in both on-chain and futures platforms, resulting in lower price volatility.
Promoted by Michael Saylor, Bitcoin strengthens its position amid inflation threats and market uncertainty, drawing interest from investors and traders.
