2024

Bitcoin

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<p class="is-style-lead">Prominent Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">BTC</a>) advocate and MicroStrategy Inc. chair Michael Saylor shared a chart on Saturday, March 23 comparing Bitcoin’s performance with traditional assets like the S&amp;P 500, Nasdaq, gold, silver, and bonds.</p>
<p class="is-style-default">Saylor took it as an opportunity to assert Bitcoin’s supremacy in the investment landscape.&nbsp;</p>
<p>According to the chart, Bitcoin has grown 432% in that time, compared to 56% for the S&amp;P 500 and 50% for Nasdaq.</p>
<p>Conversely, silver and bonds have performed dismally, losing 13% and 19% of their value, respectively, while gold registered a modest 7% gain.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Bitcoin</a> is Winning. <a href="https://t.co/3ESQRHKEDa" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/3ESQRHKEDa</a></p>— Michael Saylor⚡️ (@saylor) <a href="https://twitter.com/saylor/status/1771638958906110426?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">March 23, 2024</a>
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<h2 class="wp-block-heading" id="strong-volatility-is-vitality-strong"><strong>‘Volatility is vitality’</strong></h2>
<p>Following Bitcoin’s meteoric rise to a record <a href="https://crypto.news/bitcoin-new-all-time-high-73000/" target="_blank" rel="noopener noreferrer nofollow">high</a> of $73,797 on March 14, the digital currency experienced a subsequent decline of nearly 12%, sparking debates within the cryptocurrency community.&nbsp;</p>
<p>Saylor, renowned for his bullish stance on Bitcoin, took to social media to share his perspective on the market’s volatility.</p>
<p>Volatility, in his view, equals “vitality.” The fluctuating prices are integral to the market’s dynamics, Saylor argues, portraying them as a natural phenomenon rather than a cause for alarm.&nbsp;</p>
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   <p lang="en" dir="ltr">Volatility is Vitality.</p>— Michael Saylor⚡️ (@saylor) <a href="https://twitter.com/saylor/status/1770943455906107516?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">March 21, 2024</a>
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<p>You might also like: <a href="https://crypto.news/bitcoin-mining-firms-ship-equipment-abroad-halving/" rel="noopener noreferrer nofollow"> Bitcoin mining firms ship equipment overseas ahead of halving </a></p>
<p>Under Saylor’s guidance, MicroStrategy has solidified its commitment to Bitcoin, significantly <a href="https://crypto.news/bitcoin-microstrategy-ownership-total-supply/" target="_blank" rel="noopener noreferrer nofollow">increasing</a> its holdings.</p>
<p>In a recent press release, the company <a href="https://www.microstrategy.com/press/microstrategy-acquires-additional-9-245-btc-and-now-holds-214-246-btc_03-19-2024" target="_blank" rel="noopener noreferrer nofollow">disclosed</a> the acquisition of over 9,000 BTC between March 11 and 18, financed through a combination of convertible senior notes offerings and company cash reserves.</p>
<p>This latest purchase comes on the heels of the company’s successful private <a href="https://crypto.news/bitcoin-etf-michael-saylor-microstrategy/" target="_blank" rel="noopener noreferrer nofollow">offering</a>, which raised $603.75 million.</p>
<p>With this influx of funds, MicroStrategy seized the opportunity to bolster its Bitcoin treasury reserves, now totaling approximately 214,246 BTC at an average price of $35,160 per Bitcoin.</p>
<h2 class="wp-block-heading" id="strong-peter-schiff-counters-strong"><strong>Peter Schiff counters</strong></h2>
<p>However, not everyone shares Saylor’s enthusiasm for Bitcoin. Economist Peter Schiff, known for his skepticism towards cryptocurrencies, expressed concerns regarding Saylor’s approach to Bitcoin investment.</p>
<p>Following Saylor’s announcement of MicroStrategy’s latest BTC buy, Schiff cautioned against the high-risk nature of aggressive Bitcoin accumulation, citing the volatile nature of digital currencies as a potential pitfall.&nbsp;</p>
<p>Despite Saylor’s assertive leveraged purchasing, Schiff noted that Bitcoin remained down by 15% from its peak at the time.</p>
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   <p lang="en" dir="ltr">Yet despite your reckless leveraged buying, Bitcoin is still down 15% from its high price just five days ago. Now that you're done buying the bottom can really drop out of the market. When Bitcoin hits 20K MSTR will be down $3.25 billion. At 10K MSTR will be down $5.5 billion.</p>— Peter Schiff (@PeterSchiff) <a href="https://twitter.com/PeterSchiff/status/1770067504611602932?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">March 19, 2024</a>
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<p>He cautioned against further market downturns now that Saylor appears to have completed his buying spree, suggesting that the market could experience a significant drop.&nbsp;</p>
<p>Schiff projected potential losses for MicroStrategy, stating that if Bitcoin plummeted to $20,000, the company could incur losses totaling $3.25 billion, escalating to $5.5 billion if the coin’s price dropped to $10,000.</p>
<p>Read more: <a href="https://crypto.news/icelands-pm-renewable-energy-shift-bitcoin-agriculture/" rel="noopener noreferrer nofollow"> Iceland prime minister pledges renewable energy shift from Bitcoin mining to agriculture </a></p>

Bitcoin is ‘winning,’ compared to S&P 500, MicroStrategy’s Michael Saylor says: Others disagree

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