In a recent interview with CNBC, Michael Saylor, founder and chairman of MicroStrategy, drew an interesting parallel between Bitcoin (BTC) and New York City, referring to the leading cryptocurrency in the market as “cyber Manhattan.”
‘Every Day Is a Good Day to Buy Bitcoin’
Saylor revealed the long-term view of Bitcoin, which is, “We will continue to buy higher forever; every day is a good day to buy Bitcoin. ” The founder of Mcrostategy likened his investment philosophy to that of buying real estate in Manhattan a few centuries ago:
I would have bought Manhattan a hundred years ago, 200 years ago, every year for the last 300 years. You pay less than someone who bought Manhattan before you, but it’s always a good investment to invest in the economic capital of the free world.
Saylor’s comments come ahead of MicroStrategy’s expected listing on the Nasdaq-100 on December 23. The listing will also position MicroStrategy as a proxy for Bitcoin within the popular Invesco QQQ Trust ETF, which tracks the performance of Nasdaq-100 index.
Since 2020, MicroStrategy has been aggressively amassing Bitcoin, using its balance sheet to fund additional purchases of convertible notes. The company increased its buying activity following the US presidential election with six consecutive weeks of BTC purchases.
On Monday, Saylor too announced that MicroStrategy had received an additional 15,350 BTC, bringing its total value to an impressive 439,000 BTC, worth an estimated $46 billion.
However, Saylor also addressed critics who have called MicroStrategy’s Bitcoin acquisition strategy an alleged “Ponzi scheme.” To counter this criticism by drawing an analogy housing development in Manhattan, says:
Like Manhattan developers, every time real estate goes up in value, they take out more debt to develop more real estate. That’s why your buildings are so tall in New York City; it has been going on for 350 years. I would call it the economy.
Market Surveillance is Growing
In the last 24 hours, the leading cryptocurrency reached an all-time high of $107,850, driven by a 10% price increase and a 25% increase. trading volume because Bitcoin. This impressive performance has resulted in renewed confidence and heightened sentiment among investors.
However, crypto analyst Ali Martinez recently shared on social media platform X (formerly Twitter) that 62.6% of traders on the crypto exchange Binance with open positions for BTC futures are currently short of assets.
Although this trend may trigger a hunt for liquidity aimed at eliminating these bearish positions, with a possible move higher, it also shows a sense of caution among traders who are expecting a possible drop in the largest cryptocurrency.
However, it is not yet certain whether it is the former resistance the level at $101,000 has been established as support by bullish traders. If this level holds, it could pave the way for further price recovery as the year draws to a close.
Featured image from DALL-E, chart from TradingView.com
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