Bitcoin is the ‘cure’ to economic ill – Michael Saylor

Saylor views Bitcoin as a ‘cure’ to traditional economic woes
An analyst projected that MicroStrategy’s MSTR could hit $5k in the next few months

As a seasoned crypto investor with a deep understanding of the market, I firmly believe that Michael Saylor and MicroStrategy (MSTR) are onto something with Bitcoin (BTC). The economic instability we’ve witnessed in recent years has made traditional currencies increasingly unreliable. In this context, BTC presents itself as a promising alternative – a ‘cure,’ if you will.

Michael Saylor, the founder and CEO of MicroStrategy (MSTR), remains unwavering in his advocacy for Bitcoin (BTC). In his recent post on X, previously known as Twitter, he labeled Bitcoin as the potential solution to economic woes.

“The cure to economic ill is the orange pill.”

In the cryptocurrency community on Twitter, Bitcoin is sometimes referred to as the “orange pill.” This term signifies a deep understanding or adoption of Bitcoin’s philosophies and benefits. Furthermore, the post implied that Bitcoin functions effectively as a protective asset against economic troubles such as inflation caused by the devaluation of fiat currencies.

As a crypto investor, I’ve noticed that Michael Saylor hasn’t made this prediction about Bitcoin’s potential price of $10 million being the first time. In fact, he has previously expressed his belief in Bitcoin’s ability to endure over time and through inflation, predicting such a high value for it.

Michael Saylor adds +12K BTC in Q2

During the second quarter of 2024, MicroStrategy acquired bitcoin in two instances: once during market downturns, and another time using debt financing methods such as convertible notes.

In June, MicroStrategy purchased approximately 11,931 Bitcoins for an average price of $65,800 each. Furthermore, they obtained 122 Bitcoins in April, adding up to a grand total of 226,331 Bitcoins. The value of these holdings is roughly $13.9 billion according to current market prices.

With a total of 17.7 million shares, each share of MicroStrategy (MSTR) represented approximately 0.01276 Bitcoins (BTC). This relationship between MSTR and BTC was highlighted by this figure. However, the introduction of a new 2x leverage could significantly increase MSTR’s price charts in the future.

T-Rex is set to debut its inaugural 2x leveraged MSTR ETF in the US market. As per Bloomberg’s Senior ETF Analyst Eric Balchunas, this ETF may exhibit volatility that is twice as intense as the S&P 500 Index (SPX), making it akin to the spiciest “ghost pepper” among ETF hot sauces.

As a crypto investor, I’m relieved to see that Mastercoin (MSTR) has rebounded and is now trading above the $1500 mark at present. This represents a 2% increase from its intraday low of $1300 hit on Monday, 24th June.

According to Bitcoin Munger’s analysis of the current market trends on MSTR’s price charts, there’s a strong possibility that the stock could reach $5,000 in the near future.

MicroStrategy is on the verge of experiencing significant growth. I wouldn’t be shocked if the current inverse head and shoulders pattern resulted in a price increase reaching $5,000 within the next few months.

Bitcoin is the ‘cure’ to economic ill – Michael Saylor

As a researcher studying technical analysis, I would describe the inverse head and shoulders (IHS) pattern mentioned by an analyst as follows: This chart formation, known as IHS, often signifies a potential trend reversal.

As a financial analyst, I would interpret this as follows: Although Bitcoin’s bullish forecast is promising, it may significantly impact Microstrategy (MSTR) in the short run. The volatile nature of Bitcoin’s price movements could result in subdued performance for MSTR during this period.

Recently, Bitcoin (BTC) has been holding steady within the price range of around $60,000, in spite of the predominantly bearish market atmosphere prevailing. The imminent introduction of an Ethereum (ETH) Exchange-Traded Fund (ETF) is set to unfold, yet this development hasn’t significantly influenced BTC’s consolidation trend.

2024-06-29 03:35

Michael Saylor adds +12K BTC in Q2

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