The price of Bitcoin, the biggest cryptocurrency, has fallen by 13% since its high record of over $73,000. Recently Michael Saylor, Chairman of MicroStrategy and renowned promoter of bitcoin talked about volatility attached to it. On X social media platform Saylor stated “volatility is vitality”, reflecting on how good he feels about recent price changes in bitcoins. A user named Crypto Tea responded to Saylor’s post, suggesting that such fluctuations are the cost of significantly outperforming the stock market.
Volatility is Vitality.
— Michael Saylor⚡️ (@saylor) March 21, 2024
Currently, Bitcoin’s price has fallen to $63,196, marking a 5.12% decrease in the last 24 hours. It even reached lows of $62,570 after previously hitting $66,651. Despite this dip, Bitcoin has still managed to achieve a remarkable 120% growth over the year.
MicroStrategy’s Expanding Bitcoin Portfolio
Another huge purchase of Bitcoin by MicroStrategy has just been made. This means that the company now owns over 1% of all bitcoins that will ever exist. Saylor invested in Bitcoin last year as a hedge against inflation and an alternative to cash. The firm currently holds around 214,246 BTC in its reserves. However, much of these were acquired in 2024 at prices significantly higher than previous years’.
Average price of the most recent Bitcoin bought by MicroStrategy was $67,382 which is equivalent to an average cost for the entire Bitcoins they hold at $35,160. This shows how much this company believes in Bitcoin as a long-term investment despite the volatility of cryptocurrency markets.
