Bitcoin
Michael Saylor Reacts to Bitcoin’s Drop Below $67,000 by Sharing Crucial Advice
Yuri Molchan
Prominent Bitcoiner Michael Saylor published advice for the Bitcoin community as BTC fell below $67,000 over the weekend
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michael saylorA vocal Bitcoin supporter and co-founder of BTC-focused giant MicroStrategy has turned to social media network X (formerly known as Twitter) to share important advice with those who continue to hold Bitcoin despite its recent drop below the $67,000. .
This advice is also intended for those who are new to Bitcoin and have only recently started using it.
Michael Saylor’s Top Advice for Bitcoiners
Bitcoin evangelist Michael Saylor believes that amid the current volatile market conditions for BTC, it is very important to “learn to think about Bitcoin”; that’s the advice he offers the global crypto community.
MicroStrategy itself, after starting to buy BTC in August 2020, has developed a long-term Bitcoin strategy and continues to accumulate the world’s leading digital currency, now backed by Wall Street and spot ETFs.
Last week, these ETFs returned to inflows after the 19-day consecutive inflows ended before that. On Wednesday, the market saw a impressive US$101 million flowing into these BTC-based products.
MicroStrategy will raise $700 million to buy more Bitcoin
Last week, the business intelligence firm announced an offering of convertible senior notes that expire in 2032. MicroStrategy intends to use the money that will be raised to put more Bitcoin on its balance sheet and to cover its operating expenses. First, the plan was raise US$500 millionbut the offer was later adjusted to raise an astonishing $700 million.
These bonds issued by MicroStrategy will bear annual interest at 2.25%, and interest will be paid to investors semi-annually on June 15 and December 15, starting in December this year.
The company reserves the right to repurchase the notes for cash after June 20, 2029, provided there are specific conditions to do so and the company’s Class A common shares reach certain price levels.
Bearish performance of the Bitcoin market
On Wednesday, the largest cryptocurrency lost the recently recovered $70,000 level, plunging to the $65,180 zone on Friday and losing almost 7%. On Monday, BTC recovered, briefly recapturing the $66,900 zone, and earlier today, a rally again took Bitcoin up 1.22%.
As of this writing, BTC is changing hands for $66,120.
About the author
Yuri Molchan
Yuri is interested in technology and technical innovations. He has been writing about DLT and cryptography since 2017. He believes that blockchain and cryptocurrencies have the potential to transform the world in the future in many of its aspects. He has written for several crypto media outlets. Articles of his have been cited by crypto influencers like Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.