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Bitcoin

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>CEO of MicroStrategy, Michael Saylor, continues to promote Bitcoin as a solution to economic issues.</li> 
 <li>MicroStrategy accumulated over 12,000 BTC in Q2 of 2024, potentially impacting its share price.</li> 
</ul> 
<p> Michael Saylor, the head of MicroStrategy, remains a strong advocate for <a href="https://coineagle.com/price/bitcoin/">Bitcoin</a>. His recent comment on a social media platform referred to Bitcoin as the solution to economic problems. </p> 
<h2 id="bitcoin-the-economic-cure">Bitcoin: The Economic Cure</h2> 
<p>The term “orange pill,” used to describe Bitcoin within the cryptocurrency community, was used by Saylor to suggest that Bitcoin is an effective hedge against economic issues such as inflation. </p> 
<p>Saylor has been vocal about his belief in the cryptocurrency, predicting that Bitcoin could reach a value of $10 million per coin due to its ability to withstand time and inflation. </p> 
<h2 id="microstrategy-s-bitcoin-acquisition">MicroStrategy’s Bitcoin Acquisition</h2> 
<p>In the second quarter of 2024, MicroStrategy acquired Bitcoin twice during retracement periods and through debt strategies. </p> 
<p>The company purchased 11,931 Bitcoin in June at an average price of $65.8k. In April, it acquired an additional 122 Bitcoin, bringing its total holdings to 226,331 Bitcoin, valued at approximately $13.9 billion based on current market prices. </p> 
<p>The amount of Bitcoin per share of MicroStrategy, calculated with the total shares standing at 17.7 million, was 0.01276 Bitcoin. This highlights the correlation between MicroStrategy and Bitcoin, suggesting that a new 2x leverage could increase its price in the future. </p> 
<p>A new 2x leveraged MicroStrategy ETF is set to launch in the United States, which Bloomberg ETF’s Senior Analyst Eric Balchunas suggests could be 20x more volatile than the S&amp;P 500 Index. </p> 
<p>At the time of writing, MicroStrategy’s share price has risen above $1500, a 2% increase from its $1300 lows seen during the trading session on Monday (24 June). </p> 
<p>Market analyst Bitcoin Munger suggests that MicroStrategy could reach $5k in the near future based on its current market structure. </p> 
<p>However, Bitcoin’s price volatility could impact MicroStrategy’s short-term future. Despite this, Bitcoin has been consolidating in the range-lows of $60k recently amidst negative market sentiment, even with the upcoming launch of the <a href="https://coineagle.com/price/ethereum/">Ethereum</a> ETF. </p>

Michael Saylor Advocates Bitcoin as Solution for Economic Ailments

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CoinEagle.com

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