The main reason affecting the financial markets in general, and successful crypto markets in particular, was the U.S. inflation rate, which shot up to an all-time high and sparked several beneficial sales cycles.
Michael Saylor, the CEO of MicroStrategy, is a well-known supporter of Bitcoin and a fan of cryptocurrencies. He already voiced his opinion on the true value of Bitcoin to draw attention to the severe tax.
Saylor stated in a recent tweet that despite the high inflation rate and other major global reserve currencies depreciating much more swiftly than the U.S. dollar, many fundamentally inactive people do not grasp that 1 Bitcoin signifies much more than 1 Bitcoin.
MicroStrategy’s Massive bet on BTC
Saylor makes it evident that Bitcoin’s worth is unchanged despite the decline in macroeconomic indicators.
He also demonstrates how a real-world cryptocurrency user does not view cryptocurrencies as equivalent to fiat money.
In the meantime, MicroStrategy has currently lost more than $1 billion on paper due to its Bitcoin holdings. The institution purchased 129,699 BTC for an average price of $30,664 per BTC as of June 28. At that time, the currency was worth $4 billion.
The sum of all previously verified Bitcoin purchases by MicroStrategy came to 480 BTC, totaling $10 million.