Michael Saylor, a vocal Bitcoin maximalist and founder of Strategy, has taken to his account on the social media platform X to address the millions of his followers on BTC as it has been striving to retake the $80,000 level.
Saylor has once again likened the global flagship cryptocurrency to a digital form of gold.
Saylor’s tweet speaks of Bitcoin as of “digital gold,” accompanied, as usual with an image of Saylor generated by an AI-software. In it, he is sitting on a stack of gold bullions with a Bitcoin logo on them in front of what seems to be the entrance into the “Bitcoin Fort Knox” – US Strategic Bitcoin Reserve that president Trump ordered to create this year.
However, the pro-crypto US president’s recent macroeconomic policy has pushed Bitcoin, as well as the stock market, down into a sea of red. Last week, in just two days, more than $5 trillion were wiped out of the stock market as major indexes crashed after Trump announced a new set of trade tariffs, this time targeting all countries around the world, except Russia and Belarus.
Trump threatened to impose an additional 50% tariff on Chinese goods if China fails to remove the tariff on US-made goods by today. But China plans to fight until the end. Bitcoin, which managed to stay above $80,000, broke at the weekend, nosediving to $74,700 but then recovering by roughly 8%. Currently, Bitcoin is making one attempt after another to retake the $80,000 level which represents a crucial level of psychological support.
According to a filing submitted by Michael Saylor’s company Strategy to the Security and Exchange Commission (SEC), a condition may raise when it may have to sell part of its enormous Bitcoin stash accumulated over the past four and a half years.
Strategy must fulfil its financial obligations to investors from who the company raised funds to accumulate Bitcoin by offering them stocks to buy. However, should Strategy fail to have sufficient funds on its balance sheet to may the necessary payouts, according to the SEC filing, it may have to sell Bitcoin to fulfil its obligations in the end. So far, Strategy has not been forced to do that and is currently holding more than 500,000 BTC.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.