Michael Saylor Weighs in on Bitcoin as BTC Prices Decline
Amid the current drop in Bitcoin’s price, Michael Saylor, cofounder and chairman of MicroStrategy, has captured the attention in the crypto community with a thought-provoking statement. A staunch bitcoin advocate, Saylor took to X to share his insights, stating, “Success isn’t random—it’s calculated. Bitcoin.”
Success isn’t random—it’s calculated. #Bitcoin pic.twitter.com/6dUl37NK6y
— Michael Saylor⚡️ (@saylor) August 30, 2024
Saylor’s tweet was accompanied by an image that explained his caption. The image bore a mathematical formula derived from Bitcoin variables: 32, which is the total number of halvings to ever occur; 210,000, which is the number of blocks between halvings; 50, which is the number of new Bitcoins issued per block and, lastly, the cumulative number of halvings so far, which is 2i.
The timing of Saylor’s tweet coincides with a period of volatility on the cryptocurrency market, where Bitcoin experienced a significant price drop. Several factors have contributed to this decline, including macroeconomic uncertainties and profit-taking by investors.
Several crypto assets are in the red, with Bitcoin down 3.34% in the last 24 hours to $58,167. Bitcoin experienced profit-taking after reaching highs of $61, 194 in yesterday’s trading session, falling to an intraday low of $58,027 at press time after losing the $59,000 level.
Ethereum, Shiba Inu, Solana and Chainlink posted losses between 3% and 6%. FET, TAO, WIF and Floki had larger losses between 7% and 18%.
Saylor’s message speaks volumes
Saylor’s message, “Success isn’t random—it’s calculated,” underscores his Bitcoin approach. MicroStrategy, Saylor’s company, started acquiring Bitcoin in August 2020 as a hedge against inflation and an alternative to cash.
MicroStrategy, led by Saylor, declared 226,500 Bitcoin holdings on July 31, up a few coins since its most recent purchase announcement in mid-June. The 226,500 Bitcoins were purchased for $8.3 billion, or an average of $36,821 per token. For Saylor and MicroStrategy, Bitcoin is not a speculative gamble but a carefully considered strategy.
Saylor recently stated that he becomes more bullish on Bitcoin with each passing day.
