Michael Saylor’s Response to Bitcoin Surge Near $60,000: “Running Bitcoin”
Michael Saylor, the founder and executive chairman of the MicroStrategy business intelligence software giant, recently shared a message about Bitcoin on social media as the digital currency surged back above the $60,000 mark. MicroStrategy had also made a significant Bitcoin offer to its investors just hours before this resurgence.
In his tweet, Saylor posted an image with the caption “Running Bitcoin,” depicting himself as a football player clad in an orange uniform, representing the color of Bitcoin. The number 21 on his jersey symbolizes the 21 million Bitcoin supply initially set by Satoshi Nakamoto.
Bitcoin has seen a recovery of approximately 2.76% in the past few hours, nearing the $60,000 price level after experiencing a notable 4.55% decline from $60,358 to $57,600 the day before.
Earlier this year, on March 14, Bitcoin hit a record high of $73,750, and it is currently trading at a 19.55% decrease from that peak. This milestone marked the first time Bitcoin reached an all-time high before an anticipated halving event rather than after.
MicroStrategy recently acquired a substantial amount of Bitcoin, purchasing 18,300 BTC valued at $1.1 billion in fiat currency. This acquisition brings their total Bitcoin holdings to 244,800 BTC, worth around $14.67 billion. Notably, this amount accounts for 1.17% of the total Bitcoin supply of 21 million coins, surpassing the holdings of many spot BTC exchange-traded funds established in January.
To further bolster its Bitcoin position, MicroStrategy has announced a new offering of convertible senior notes to raise an additional $700 million. This move aims to enhance the company’s exposure to Bitcoin, allowing investors to convert the notes into MSTR shares at a later date and earn interest on them. Effectively, MicroStrategy is operating akin to a spot Bitcoin ETF even before such funds officially entered the market.
