Michael Saylor of MicroStrategy Speaks Out on Bitcoin’s Recent Price Drop: $56k

The former CEO of Microstrategy indirectly suggested people keep their belief in Bitcoin, instead of fiat currencies.

Michael Saylor, the former CEO of MicroStrategy, a prominent Bitcoin bull firm, now oversees a company known for its business intelligence services. MicroStrategy currently holds an impressive 214,400 Bitcoin (BTC) on its balance sheet.

As we know, in the last 2 days, the trade price of Bitcoin faced a significant downfall because of bearish sentiments in the market.

Bitcoin’s price has dropped below $56,000, marking its fourth straight day of decline. This is part of a larger trend, with over $800 million in bullish crypto bets liquidated across the market, one of the biggest since April, according to CoinGlass statistics.

To bolster the confidence of new Bitcoin investors who are in panic because of the price dump, Michael Saylor tweeted, “1 BTC = 1 BTC.” He emphasised that investors should trust Bitcoin itself, rather than the US dollar, as the superior investment asset.

High sell pressure 

Currently, many top players, including government agencies, are looking to sell their Bitcoin holdings.

According to Blockchain firm Arkham, the German Government transferred a total of 1,300 BTC, worth approximately $75.53 million, to Bitstamp, Coinbase, and Kraken. This significant move has created high sell pressure in the market, marking one of the largest transfers to centralised exchanges (CEX) in recent times.

Also US government & a bankrupt crypto exchange MtGox nearing to sell a big amount of Bitcoin. 

Bitcoin price 

Bitcoin is currently trading at $56,448, reflecting a 20% decline over the past 30 days. In the last 48 hours, the price has dropped nearly 7%.

Several major analysts have predicted that Bitcoin’s trading price may drop to $50,000 in the coming days.

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