In a latest interview with CNBC, Michael Saylor, founder and chairman of MicroStrategy, drew an fascinating parallel between Bitcoin (BTC) and New York Metropolis, referring to the market’s main cryptocurrency as “cyber Manhattan.”
‘Each Day Is A Good Day To Purchase Bitcoin’
Saylor expressed a long-term bullish outlook on Bitcoin, stating, “We’ll simply preserve shopping for the highest perpetually; day-after-day is an effective day to purchase Bitcoin.” Mcrostategy’s co-founder likened his funding philosophy to that of buying actual property in Manhattan over the previous few centuries:
I might have purchased Manhattan 100 years in the past, 200 years in the past, yearly for the previous 300 years. You pay a bit of bit greater than the one that purchased Manhattan earlier than you, but it surely’s at all times a great funding to spend money on the financial capital of the free world.
Saylor’s remarks come forward of MicroStrategy’s anticipated inclusion within the Nasdaq-100 on December 23. This inclusion can even place MicroStrategy as a Bitcoin proxy inside the widespread Invesco QQQ Belief ETF, which tracks the efficiency of the Nasdaq-100 index.
Since 2020, MicroStrategy has been aggressively accumulating Bitcoin, leveraging its steadiness sheet to finance additional purchases by way of convertible notes. The corporate ramped up its shopping for exercise following the US presidential election with six consecutive weeks of BTC purchases.
On Monday, Saylor additionally introduced that MicroStrategy had acquired an extra 15,350 BTC, bringing its complete holdings to a formidable 439,000 BTC, valued at roughly $46 billion.
Nonetheless, Saylor additionally addressed critics who’ve labeled MicroStrategy’s Bitcoin acquisition technique as an alleged “Ponzi scheme.” He countered this criticism by drawing a parallel to actual property growth in Manhattan, stating:
Similar to builders in Manhattan, each time actual property goes up in worth, they subject extra debt to develop extra actual property. That’s why your buildings are so tall in New York Metropolis; it’s been happening for 350 years. I might name it an financial system.
Market Warning Grows
Over the previous 24 hours, the main cryptocurrency has reached a brand new all-time excessive of $107,850, pushed by a ten% surge in value and a 25% improve in buying and selling quantity for Bitcoin. This spectacular efficiency has sparked renewed confidence and bullish sentiment amongst traders.
Nonetheless, crypto analyst Ali Martinez just lately shared on social media platform X (previously Twitter) that 62.6% of merchants on crypto alternate Binance with open BTC futures positions are presently shorting the asset.
Whereas this pattern may set off a liquidity hunt geared toward liquidating these bearish positions, with potential strikes to the upside, it additionally displays a way of warning amongst merchants who anticipate a possible downturn for the biggest cryptocurrency..
But, it stays unsure whether or not the earlier resistance stage at $101,000 has been established as assist by bullish merchants. If this stage holds, it may pave the best way for additional value discovery because the yr attracts to a detailed.
Featured picture from DALL-E, chart from TradingView.com
