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Michael Saylor Issues Important ‘Bitcoin Independence’ Message: Details

Thu, 4/07/2024 – 15:26

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Contents

  • Saylor talks “Bitcoin independence”
  • Bearish Bitcoin market performance

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Renowned Bitcoin advocate and founder of MicroStrategy behemoth Michael Saylor has issued one of his daily BTC tweets. This time, he addressed the Bitcoin community with a “BTC independence” message.

Saylor’s tweet caught Bitcoiners’ attention as they discussed the current heavy Bitcoin price correction that has been intensifying this week as the sell-off continues.

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Saylor talks “Bitcoin independence”

Michael Saylor has published a tweet to the U.S. Bitcoin community congratulating them on U.S. Independence Day, July 4. A hint at potential financial independence that could be brought by the world’s flagship digital currency in the future is also meant in the tweet, it seems.

The tweet contains a picture of an American flag and a Bitcoin symbol painted on it. Despite the massive Bitcoin sell-off that is taking place this week, MicroStrategy executive chairman Saylor remains optimistic as he continues to apply long-term holding plans to Bitcoin at his company.

MicroStrategy continues to buy BTC quite regularly now, and in June, as reported by U.Today, the company made another move on the market, scooping up 11,931 BTC, paying roughly $786 million for it. The crypto was purchased at an average price of $65,883. The hundreds of millions of U.S. dollars used for this massive Bitcoin acquisition came from the proceeds from the convertible notes sold to investors in June and excess cash, according to Saylor.

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Bearish Bitcoin market performance

Since this week started, the largest cryptocurrency BTC has lost almost 10% of its price, plunging from the $63,630 area to $57,300, where it is changing hands as of this writing. Today’s Bitcoin decline alone constitutes more than 5%, and it started with a big red candle on an hourly chart.

Massive sell-off across the cryptocurrency market are taking place as Bitcoin miners are dumping their BTC reserves and freshly mined coins, along with long-term BTC holders, according to data provided by analyst Charles Edwards, founder of the Capriole Investments fund. Edwards stated that it is these sales in particular that continue pushing the Bitcoin price downward.

However, Bitcoiner Samson Mow believes that the crypto market will absorb all of these staggering Bitcoin sales. In today’s tweet, he shared an impression that BTC whales on the Bitfinex exchange are buying all the Bitcoin that is being sold now.

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