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Bitcoin Price Volatility a Positive For Michael Saylor — Is He Not Worried About Plateauing Stock Price?

Last Updated April 15, 2024 8:34 AM
Teuta Franjkovic
Last Updated April 15, 2024 8:34 AM
By Teuta Franjkovic
Verified by Peter Henn

Key Takeaways

  • Saylor Bullish Despite Losses
  • Bitcoin price plummets over 10% in 24 hours due to global tensions.
  • Mixed Reactions to Saylor’s Take.

Michael Saylor, founder and chairman of MicroStrategy, shared his opinion  on the social media platform X.

He stated that “chaos benefits Bitcoin,” a statement that reverberated as the cryptocurrency’s value dipped to a little over $60,000, its lowest level in around a month.

Market Chaos Positive for Bitcoin Despite Company Losses

Despite facing significant market losses, Michael Saylor, the chairman of MicroStrategy, views the recent political turmoil as beneficial for Bitcoin.

The technology firm, which holds a substantial Bitcoin portfolio of 214,245 BTC, recorded a staggering $1.5 billion loss in just 24 hours, with Bitcoin’s price swinging from a high of $67,900 to a low of $60,900.

However, MicroStrategy still boasts a considerable overall gain, with profits exceeding $6.26 billion. This, in turn, is based on an average purchase price of $35,372 per Bitcoin. The only losses occurred in its two most recent purchases, when Bitcoin prices were above $67,000.

In the context of Iran’s attack on Israel, some crypto market participants have criticized the MicroStrategy boss’ remarks as insensitive, given the broader context of the situation. However, some support Saylor’s perspective, including another user on Twitter who said : “Bitcoin is a hedge against chaos.”

Bitcoin Plunges Over 10% Amid Global Tensions

In the space of 24 hours, Bitcoin has plummeted  more than 10%, dropping from around $68,000 to the $60,000 range. Experts link this sharp decline to rising international tensions, particularly between Iran and Israel. However, BTC has struggled somewhat since reaching an all-time high in March.

The fall in Bitcoin’s value has particularly affected leverage traders who had opened long positions in BTC. According to data from WhaleWire, these traders saw over $1.2 billion in Bitcoin long positions liquidated within a single day. This was an event that did not have an equivalent in the last 15 years.

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