- Michael Saylor, Bitcoin proponent and MicroStrategy founder, says “It’s never too late to buy Bitcoin” as BTC drops below $92,000.
- MicroStrategy announced its largest Bitcoin purchase yet, acquiring 55,500 BTC worth around $3.4 billion at an average price of $97,862 per BTC.
- Bitcoin’s price has declined around 7% over the past day, falling from around $98,600 to below $92,000, as traders likely locked in profits after BTC neared $100,000.
Bitcoin has faced some recent volatility, dropping below the $92,000 level. However, Michael Saylor, a prominent Bitcoin evangelist, believes there is still strong potential for the cryptocurrency.
Michael Saylor’s Thoughts on Bitcoin
Saylor, the founder of MicroStrategy, says “It’s never too late to buy Bitcoin.” This sentiment is echoed by Peter Diamandis, founder of the XPRIZE Foundation, who tweeted that there is still time for new investors to buy into “digital gold.”
Saylor and other Bitcoin supporters remain staunchly bullish on BTC despite the recent dip. Crypto podcaster Natalie Brunell agreed with Saylor’s upbeat perspective, saying “The best is yet to come.”
MicroStrategy’s Massive Bitcoin Purchases
MicroStrategy, led by Saylor, recently made its largest-ever BTC purchase. On November 21st, the company acquired 55,500 Bitcoin worth about $4.4 billion at roughly $97,862 per coin.
In total, MicroStrategy now holds about 386,700 BTC valued at $19 billion. Earlier this month, the company raised $2.6 billion in convertible notes to purchase more Bitcoin.
Back in June, MicroStrategy stunned the crypto world by buying about $3.6 billion worth of Bitcoin. Saylor has predicted BTC could reach $13 million within 10 years.
Bitcoin Price Drops Below $92,000
In the past day, Bitcoin prices have fallen around 7%, bringing BTC below $92,000 briefly. The coin has recovered slightly and is now trading around $92,192.
Some analysts attribute the drop to traders taking profits after Bitcoin hit new all-time highs near $100,000. However, Bitcoin bulls like Samson Mow say the dip represents a buying opportunity.
Conclusion
Despite short-term volatility, Bitcoin’s long-term prospects remain strong according to prominent backers like Michael Saylor. His company MicroStrategy continues to accumulate BTC at a staggering rate. The recent dip below $92,000 may present a solid buying opportunity for investors who believe in Bitcoin’s future.
