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A Bitcoin promoter purchases even more of the most popular cryptocurrency.
Bitcoin will never walk alone as long as Michael Saylor is alive.
The billionaire co-founder and CEO of MicroStrategy (MSTR) - Get MicroStrategy Incorporated Report, as well as a four-alarm Bitcoin evangelist, has taken the concept of HODL, also known as "hold on for dear life," to new heights.
Bitcoin Is Under Attack
This is a difficult time for digital currencies. According to Edward Moya, senior market analyst for the Americas at Oanda, "the news cycle has been pretty awful for crypto markets."
"Bitcoin is under pressure and is struggling to stay above $20,000," Moya said. "If bitcoin falls below the recent low of around $17,500, there won't be much support until around $14,500."
Bitcoin, the king of cryptocurrencies, is being dethroned, having lost more than 70% of its value since its November 10 high of $69,077.44.
Furthermore, lender Celsius Network has gone silent after suspending fund withdrawals and all other platform operations.
Sister gifts The Terra ecosystem's Luna and UST, or TerraUSD, have collapsed, wiping out at least $55 billion.
And Three Arrows Capital (3AC), a Singapore-based crypto hedge fund, has just defaulted on a loan worth more than $670 million after having a $200 million exposure to Luna.
Others may be fleeing cryptocurrency at breakneck speed, but Saylor is walking through the storm with his head held high, unfazed by all that red ink.
Yes, this is the same man who, according to Bitcoin Treasuries, has lost around $1.3 billion on Bitcoin.
'A Fantastic Time to Buy'
But is this the time to flee? Saylor's response, based on his recent actions, would be a resounding "Hell, no!"
He's walking through the rain and wind, with hope in his heart and, hopefully, a lot of money in his bank account from purchasing more bitcoin.
"MicroStrategy purchased 480 bitcoins for $10.0 million at an average price of $20,817 per bitcoin. As of 6/28/22, @MicroStrategy owned 129,699 bitcoins worth $3.98 billion at an average price of $30,664 per bitcoin. $MSTR, "On June 29, Saylor tweeted to the entire world.
MicroStrategy has purchased an additional 480 bitcoins for ~$10.0 million at an average price of ~$20,817 per #bitcoin. As of 6/28/22 @MicroStrategy holds ~129,699 bitcoins acquired for ~$3.98 billion at an average price of ~$30,664 per bitcoin. $MSTRhttps://t.co/leQYTXn817— Michael Saylor⚡️ (@saylor) June 29, 2022
Some may question the wisdom of this, but Neil Bergquist, CEO and founder of Coinme, a digital currency exchange, supported both Bitcoin and Saylor.
"BTC has a simple long-term value proposition that will withstand short-term corrections caused by excessive leverage and poor risk management," he said. "I'm always happy when Saylor buys BTC, and now appears to be an excellent time to do so."
Naturally, Saylor's announcement elicited a wide range of reactions on social media.
'A Great Hero or a Great Fool?'
"While some people are concerned about whether MicroStrategy will be liquidated or not, they continue to accumulate more bitcoins," one person tweeted. "Michael Saylor has already stated that they will continue to buy more bitcoin whenever they have extra cash. MicroStrategy is a firm believer in bitcoin's potential."
"You will be remembered as either a great hero or a great fool," another commenter said. "In either case, you will be remembered for the rest of your life. Sir, best wishes."
"Your conviction is incredible, and thank you for everything you do for cryptos, sir!" said one tweet.
"What makes you think you have to tell everyone?" Another poster inquired. "Does it make you feel superior to those who can't afford to buy or who are barred from doing so by their banks? We all know you're wealthy, but you keep reminding us who aren't. Thank you very much!"
Economist Peter Schiff, Bitcoin's own doomsayer, expressed his displeasure with Saylor's actions on Twitter.
So $MSTR is down $1.4 billion on #Bitcoin, yet you continue to average down, throwing not so good money after incredibly bad. I's sure that but for your buying Bitcoin's price would be lower. But now that you're done the decline can resume until you waste more money buying again.— Peter Schiff (@PeterSchiff) June 29, 2022
"So $MSTR is down $1.4 billion on #Bitcoin, yet you continue to average down, throwing not so good money after incredibly bad," he exclaimed. "(I'm) confident that the price of bitcoin would be lower for your purchase. However, now that you've finished, the decline can resume until you spend more money buying again."
Of course, it wouldn't be Twitter if critics didn't get their fair share of snark.
One commenter responded to Schiff by putting a picture of Grandpa Simpson on the front page of a newspaper with the headline "Old Man Yells at Bitcoin."
"Old man, but richer than you," retorted the other. "He sleeps, but you don't."
So remember that there is a golden sky and the sweet silver song of a lark at the end of a storm.
And a lot of sarcasm.
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