MicroStrategy CEO Michael Saylor Dismisses Bitcoin Volatility, Declares Crypto's Triumph

MicroStrategy CEO Michael Saylor asserts that Bitcoin's volatility is a sign of its market vitality. Despite a recent decline from its record high, Saylor believes Bitcoin's long-term growth and its status as a superior asset compared to traditional investments indicate its continued dominance in the market.

MicroStrategy CEO Michael Saylor Dismisses Bitcoin Volatility as Market Health, Declares Cryptocurrency's Triumph

By Benzinga Staff Writer Bibhu Pattnaik

MicroStrategy Inc. (NASDAQ: MSTR) CEO and fervent Bitcoin advocate Michael Saylor has articulated his perspective on the cryptocurrency's recent price fluctuations, asserting that volatility is an inherent and positive aspect of market dynamics.

Following Bitcoin's ascent to a record high of $73,797.68 last week, its subsequent 13% decline has sparked discourse within the cryptocurrency community. However, Saylor, renowned for his unwavering bullish stance on Bitcoin, took to social media to express his unwavering belief in the cryptocurrency's resilience.

"Volatility is Vitality," Saylor tweeted on March 21, 2024, emphasizing that the current price movements are an integral part of the market's natural ebb and flow.

This declaration came amidst Bitcoin's dip to $63,196 on Friday. Despite the recent downturn, Bitcoin has exhibited remarkable growth over the past year, with a surge of 120%.

In a subsequent tweet, Saylor proclaimed Bitcoin's triumph, comparing its performance to that of the S&P 500, Nasdaq, gold, silver, and bonds.

"#Bitcoin is Winning," Saylor tweeted on March 23, 2024, accompanied by a graphical representation highlighting Bitcoin's outperformance.

MicroStrategy, under Saylor's leadership, has solidified its position as a major Bitcoin investor, now holding over 1% of the total Bitcoin supply. This strategic accumulation underscores the company's unwavering commitment to Bitcoin as both an inflation hedge and a cash alternative.

MicroStrategy's aggressive Bitcoin acquisition strategy has continued unabated in 2024, with the company's recent purchases made at an average price of $67,382 per Bitcoin. This brings the average cost of MicroStrategy's total Bitcoin holdings to $35,160 per token, reflecting the company's long-term conviction in Bitcoin's value.

As of this writing, Bitcoin was trading at $65,441.76, down by 3% over the past seven days. Despite the recent price volatility, Saylor remains steadfast in his belief that Bitcoin is poised for continued growth and dominance in the digital asset landscape.