Michael Saylor, the chairman and cofounder of MicroStrategy, has issued an unprecedented challenge to the crypto community: “Acquire the ability to think in Bitcoin.”
At present, the crypto market is in a state of stagnation, with Bitcoin and numerous other significant assets exhibiting minimal to no activity. In response, Saylor has issued a message.
Bitcoin plummeted to its lowest price in nearly a month on Friday, reaching a low of $65,005, before marginally rebounding. The price of Bitcoin is currently $66,571, up 0.40% on the day, according to data from CoinMarketCap. The current market performance is varied, with a smattering of cryptocurrencies posting losses on the 24-hour time frame.
Because the market is relatively calm, some individuals, such as Saylor, view this as an opportunity for introspection and strategic thinking. Consequently, they have issued a call to “learn to think in Bitcoin.”
In 2020, Saylor initiated the acquisition of Bitcoin as a hedge against inflation and as an alternative to maintaining currency. Saylor’s organization, MicroStrategy, has amassed approximately $12.7 billion in Bitcoin, which is more than 1% of the total amount of Bitcoin ever produced. Saylor’s acquisition of the largest cryptocurrency by market capitalization has resulted in a more than 600% increase.
Bitcoin has increased by approximately 60% this year, in part due to the optimism surrounding the approval of U.S. Bitcoin spot ETFs in January. During the same period, MicroStrategy’s stock has increased by approximately 135%.
Last week, MicroStrategy increased its convertible note offering by 40% to $700 million, and indicated that it intends to allocate the funds toward the acquisition of additional Bitcoin.
The challenge to “learn to think in Bitcoin” may serve as a reminder to consider the broader picture, which extends beyond the volatility of the short-term market, despite the fact that the context of Saylor’s tweet is still open to interpretation.
Conversely, Saylor’s message may serve as an invitation to adopt the financial paradigm that cryptocurrencies have introduced, thereby signaling a significant change in the way value and wealth are perceived.
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