In a current 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 hold shopping for the highest perpetually; daily 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 who purchased Manhattan earlier than you, but it surely’s all the time a very good funding to put money into 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 may also place MicroStrategy as a Bitcoin proxy inside the in style Invesco QQQ Belief ETF, which tracks the efficiency of the Nasdaq-100 index.
Since 2020, MicroStrategy has been aggressively accumulating Bitcoin, leveraging its stability sheet to finance additional purchases by 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 whole 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 improvement in Manhattan, stating:
Identical to builders in Manhattan, each time actual property goes up in worth, they concern 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 economic 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 worth and a 25% enhance in buying and selling quantity for Bitcoin. This spectacular efficiency has sparked renewed confidence and bullish sentiment amongst buyers.
Nonetheless, crypto analyst Ali Martinez not too long ago shared on social media platform X (previously Twitter) that 62.6% of merchants on crypto trade Binance with open BTC futures positions are at present shorting the asset.
Whereas this pattern may set off a liquidity hunt aimed 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 worth discovery because the yr attracts to an in depth.
Featured picture from DALL-E, chart from TradingView.com
