The
price
of
Bitcoin
has
surpassed
$60,000,
sparking
renewed
interest
and
speculation
among
bitcoin
fans.
In
this
context,
MicroStrategy
chairman
and
co-founder
Michael
Saylor
remarked
something
universally
relevant:
“Bitcoin
is
the

bridge
from
chaos
to
hope.”

The
fact
that
Saylor
tweeted
this
shows
how
seriously
he
takes
the
possibility
that

Bitcoin
may
protect
investors
from
economic
uncertainty.

#Bitcoin
is
the
bridge
from
chaos
to
hope.pic.twitter.com/tTXPU4iXZT

—
Michael
Saylor⚡️
(@saylor)

July
13,
2024

Navigating
Economic
Uncertainty

A
digital
lighthouse
in
a
stormy
financial
sea,
Bitcoin
has
reached
new
heights
in
a
world
where
economic
waves
vary
drastically.
Still,
the
pleasure
was
fleeting.
A
perfect
storm
results
from
Germany’s
exit
from
digital
gold,
Mount
Gox’s
likely
rebirth,
and
the
residual
US
interest
rate
shadow.
Once
a
solid
ship,
these
turbulent
forces
have
pushed
Bitcoin
off
course
and
sent
investors’
compasses
flying
wildly.

 

Against
all
these
challenges,
Bitcoin
has
shown
a
remarkable
perseverance.
Bitcoin
prices
fell
suddenly
this
week
due
to
concerns
over
large
withdrawals
from
US
exchange-traded
funds
(ETFs).
But
the
market
was
given
encouragement
when
dip
buyers
appeared.

When
Bitcoin
recovers,
it
is
vital
to
pay
close
attention
to
important
levels
of
resistance
and
support.
Strong
support
level
of
$57,670
has
helped
crypto
researcher
Ali
Martinez
identify
resistance
around
$61,340
and
$64,620.

Martinez
pointed
out
that
Bitcoin
has
to
close
above
its
200-day
Simple
Moving
Average
(SMA)
at
$59,207
if
we
are
to
confirm
the
continuous
price
ascent.
Apart
from
overcoming
weekly
losses,
Bitcoin
has
recently
increased
by
5%,
trading
at
$60,272.

The
recent
rise
of
Bitcoin
reflects
this
perspective.
It
grew
3.7%
on
the
last
day
and
peaked
at
$60,431.
Should
it
close
the
day
in
the
green,
it
will
be
the
third
day
in
a
succession
of
gains,
inspiring
traders
and
investors.

 

MicroStrategy’s
Bitcoin
Strategy

Michael
Saylor’s
remarks
coincide
with
a
period
of
time
when
his
company,
MicroStrategy,
has
advanced
its

bitcoin
investing
approach
remarkably.

MicroStrategy
purchased
over
214,400
Bitcoin
throughout
the
course
of
2020,
valued
at
almost
$13.5
billion
at
current
price.
For
these
transactions,
the
company
spent
a
total
of
$7.53
billion;
each
coin
cost
$35,160
on
average.

Since
MicroStrategy
holds
more
than
one
percent
of
all
Bitcoin
that
will
ever
exist,
it
is
the
largest
corporate
Bitcoin
holder.

MicroStrategy’s
aggressive
strategy
of
purchasing
Bitcoin
has
proven
to
be
reasonably
effective.
Since
the
start
of
the
year,
the
company’s
stock
price
has
more
than
doubled
and
is
currently
above
Bitcoin’s
gains,
reaching
record
highs
of
$1,290.

 

However,
a
number
of
analysts
have
expressed
scepticism
over
the
premium
MicroStrategy
demands
in
relation
to
Bitcoin’s
price,
questioning
why
investors
ought
to
hold
the
stock
when
ETFs
allow
them
to
purchase
shares
directly.

Featured
image
from
Vecteezy,
chart
from
TradingView

Go to Source
Author: Christian Encila

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