Bitcoin
Bitcoin Drops Below $68K, Michael Saylor Remains Optimistic
Bitcoin suffered a significant drop, falling below the $68,000 mark overnight. Michael Saylor, co-founder of MicroStrategy and prominent Bitcoin advocate, responded by tweeting an AI-generated image featuring a physical Bitcoin and bees, with the caption: “Bitcoin is a swarm of cyber wasps. ” However, this price drop did not dissuade Saylor from expressing his confidence in Bitcoin, as highlighted in the Tweet post.
Bitcoin price fell due to macroeconomic factors, Including 0.25% increase in the Personal Consumption Expenditures (PCE) price index in April. This value represented the lowest level in three years, with a variation of 2.75% in 12 months. Despite meeting analyst expectations, Bitcoin price fell 2.14% from $68,608 to $67,712, marked by three consecutive red candles. However, a small recovery followed, pushing the cryptocurrency slightly higher at the time of writing. BTC was trading at US$67,727.68 an increase of 0.43% in 24 hours.
1-day BTC/USD price chart (source: CoinMarketCap)
Amid these developments, Japan-based cryptocurrency exchange DMM Bitcoin suffered a significant hack, with over $300 million in cryptocurrencies stolen, including 4,502 BTC.
Michael Saylor too expressed optimism about the newly approved Ethereum exchange-traded funds (ETFs). On the “What Bitcoin Did” podcast, Saylor predicted that these ETFs would lead to mainstream institutional adoption of cryptocurrencies. He suggested that digital currency investment allocations could increase from the current 1% to between 5-10%.
Saylor also noted that it is easier to gain as much public popularity and political support as Bitcoin. He highlighted that this greater acceptance could be advantageous for Bitcoin, which is currently the market leader, possibly controlling around 70% of financing for digital currencies. Saylor’s advocacy for investing in Ethereum is a huge turnaround from his previous position.