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Bitcoin is the ‘cure’ to economic ill – Michael Saylor

by News7
Bitcoin is the ‘cure’ to economic ill – Michael Saylor
  • Saylor views Bitcoin as a ‘cure’ to traditional economic woes
  • An analyst projected that MicroStrategy’s MSTR could hit $5k in the next few months

Michael Saylor, founder and CEO of MicroStrategy [MSTR], isn’t backing down from promoting Bitcoin [BTC]. In his latest post on X (formerly Twitter), the executive referred to BTC as the “cure” to economic ill. 

“The cure to economic ill is the orange pill.”

Here, it’s worth clarifying that Bitcoin is also known as the “orange pill” within Crypto Twitter (CT). Additionally, the post suggested that BTC is a superior hedge against economic issues like inflation linked to traditional currency debasement.

This isn’t the only time the exec has said something about the cryptocurrency though. In fact, Saylor recently predicted that Bitcoin could hit $10M per coin because it is the “perfect money” that could withstand time and inflation. 

Michael Saylor adds +12K BTC in Q2

In Q2 of 2024, MicroStrategy accumulated BTC twice during retracement periods and through debt strategies (convertible notes). 

In June, MicroStrategy acquired 11, 931 BTC at an average of $65.8k. Additionally, the firm scooped up 122 BTC in April, bringing its total holdings to 226,331 BTC, worth around $13.9 billion based on current market prices. 

When adjusted to MSTR’s total shares, which stood at 17.7 million, the BTC per share amounted to 0.01276BTC. While this underscored MSTR’s correlation to BTC, a new 2x leverage could spike its price charts going forward. 

T-Rex plans to launch its first 2x leveraged MSTR ETF in the United States. According to Bloomberg ETF’s Senior Analyst Eric Balchunas, the ETF could be 20x more volatile than the S&P 500 Index (SPX). He termed such products as the “ghost pepper of ETF hot sauce.”

At press time, MSTR was back above $1500, up 2% from its $1300 lows seen during the trading session on Monday (24 June). 

Interestingly, based on its current market structure on the price charts, MSTR could hit $5k soon too. This, according to market analyst Bitcoin Munger

“MicroStrategy is getting ready to explode. I would not be surprised to see this inverse head & shoulders consolidation lead to $5k in the coming months.”

Michael Saylor

Source: X/Bitcoin Munger

The inverse head and shoulder (IHS) pattern referred to by the analyst is typically a reversal chart formation. 

Despite the bullish projection, however, BTC could still determine MSTR’s short-term future. In fact, the ongoing whipsawing in Bitcoin’s price could lead to muted price action for MSTR in the near term. 

For its part, BTC has been consolidating in the range-lows of $60k lately amidst an overwhelmingly negative market sentiment. This, despite the upcoming launch of the Ethereum [ETH] ETF. 

Source : AMBCrypto

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