MicroStrategy's Saylor continues to bet on Bitcoin price despite its surge to $71,000

As Bitcoin surges to revisit the $71,000 mark, MicroStrategy chairman Michael Saylor maintains his resolute faith in the cryptocurrency. In a recent post, Saylor reaffirmed his commitment, declaring, "still betting on Bitcoin."

Bitcoin Rebounds Above $71,000 Despite Significant ETF Outflows

Despite nearly $900 million being withdrawn from Bitcoin ETFs in the past week, Bitcoin reclaimed the $71,000 threshold, buoyed by investor optimism. Notably, the outflows from Grayscale Bitcoin Trust and reduced subscriptions to offerings from BlackRock and Fidelity Investment impacted Bitcoin ETFs negatively. Nevertheless, Bitcoin's resilience is evident, with a 5.41% surge in the last 24 hours, reaching $70,689. It peaked at $71,583, marking its return above the $71,000 level after a week.

Bitcoin Surge Spurs Gains for Cryptocurrency-Linked Companies

The surge in Bitcoin's price has led to notable gains in cryptocurrency-related companies. MicroStrategy, serving as a Bitcoin proxy, saw a 20% increase, while Coinbase Global and Marathon Digital witnessed rises of 9% and 5%, respectively. Michael Saylor's steadfast advocacy for Bitcoin as a store of value and inflation hedge has been consistent. MicroStrategy's substantial Bitcoin investments, amounting to approximately 1% of the total Bitcoin supply, demonstrate Saylor's unwavering belief in the cryptocurrency.

MicroStrategy's Bold Bitcoin Accumulation Sets Standard for Institutional Investors

Since 2020, MicroStrategy has been accumulating Bitcoin aggressively, amassing an impressive 214,246 Bitcoin at an average cost of $35,160 per coin. This bold approach not only positions MicroStrategy as a pioneer in corporate Bitcoin investment but also serves as a model for other institutional investors considering cryptocurrency diversification.

In summary, amidst Bitcoin's ascent to $71,000, Michael Saylor's steadfast support underscores MicroStrategy's significant role in the institutional adoption of Bitcoin as a viable asset class.