In a recent interview with CNBC, Michael Saylor, founder and CEO of MicroStrategy, drew an interesting parallel between Bitcoin (BTC) and New York City, referring to the market-leading cryptocurrency as “Cyber Manhattan.”
“Every day is a good day to buy Bitcoin”
Sailor Express Long-term bullish view on Bitcoin, saying: “We will continue to buy the top forever; every day is a good day to buy Bitcoin.” The co-founder of Mcrostategy likened his investment philosophy to that of buying real estate in Manhattan over the past few centuries:
I would have bought a Manhattan 100 years ago, 200 years ago, every year for the last 300 years. You’re paying a little more than the guy who bought Manhattan before you, but investing in the economic capital of the free world is always a good investment.
Saylor’s comments come ahead of MicroStrategy’s expected inclusion in the Nasdaq-100 on December 23. The listing will also position MicroStrategy as a Bitcoin proxy within the popular Invesco QQQ Trust ETF, which tracks the performance of the Bitcoin index. Nasdaq 100 index.
Since 2020, MicroStrategy has been aggressively accumulating bitcoin, leveraging its balance sheet to fund further purchases through convertible bonds. The company ramped up buying activity after the US presidential election with six consecutive weeks of Bitcoin purchases.
On Monday, Saylor too Announce MicroStrategy has acquired an additional 15,350 BTC, bringing its total holdings to 439,000 BTC, worth approximately $46 billion.
However, Saylor also addressed critics who have called MicroStrategy’s Bitcoin acquisition strategy an alleged “Ponzi scheme.” He countered this criticism by comparing with Real estate development In Manhattan, saying:
Just like the developers in Manhattan, every time real estate values rise, they issue more debt to develop more properties. That’s why your buildings are so tall in New York City; It has been going on for 350 years. I would call it economics.
Caution in the market is growing
Over the past 24 hours, the leading cryptocurrency reached a new all-time high of $107,850, driven by a 10% rise in price and a 25% increase in price. Trading volume For Bitcoin. This impressive performance has sparked renewed confidence and bullish sentiment among investors.
However, cryptocurrency analyst Ali Martinez recently said subscriber On social media platform
While this trend may lead to a search for liquidity aimed at liquidating these bearish positions, with potential moves to the upside, it also reflects a sense of caution among traders anticipating a potential pullback for the largest cryptocurrency.
However, it is still uncertain whether the former resistance The level at $101,000 was established as support by bullish traders. If this level continues, it could pave the way for further price discovery as the year comes to a close.
Featured image of DALL-E, chart from TradingView.com