Michael Saylor, co-founder and chairman of MicroStrategy, reiterated his strong support for the leading cryptocurrency - Bitcoin.
Amid investor concerns about interest rates and potential rate cuts, Saylor, who is known as a Bitcoin bull, said the “cure for economic disease is the orange pill,” sharing a photo of the Bitcoin logo on a pill.
The cure to economic ill is the orange pill. pic.twitter.com/MPGHLNCqK1
— Michael Saylor⚡️ (@saylor) June 27, 2024
Overall, the market’s current trajectory has been influenced by conflicting signals from economic data as investors parse hints about the future trajectory of the economy and the implications for monetary policy.
In the face of inflationary pressures and diverse economic indicators, the timing of potential interest rate adjustments remains quite a hot topic among market participants.
Saylor’s assertion is backed up by his actions, as MicroStrategy recently once again announced a huge purchase of Bitcoin following a successful capital raise from convertible debt.
Last week, the company acquired an additional 11,931 BTC for approximately $786 million using proceeds from convertible debt and surplus cash.
Despite common fears that global crises spell disaster for crypto markets, new data from Binance Research suggests the opposite may be true — at least for Bitcoin.
A new report by crypto analytics firm Alphractal reveals that Bitcoin miners are facing some of the lowest profitability levels in over a decade — yet have shown little sign of capitulation.
Bitcoin’s network hashrate has fallen 3.5% since mid-June, marking the sharpest decline in computing power since July 2024.
Bitcoin has officially overtaken Alphabet (Google’s parent company) in global asset rankings, becoming the sixth most valuable asset in the world, according to the latest real-time market data.