Michael Saylor says that Bitcoin is winning compared to the S&P 500

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Last Updated on 25 March 2024 by CryptoTips.eu

On Saturday, March 23, MicroStrategy’s Co-Founder and Executive Chairman, Michael Saylor, presented a chart comparing Bitcoin’s performance to other traditional assets like the S&P 500, Nasdaq, and Gold. As stated in his tweet on X, he claimed that “Bitcoin is winning.”

Consistently, Saylor reiterates his belief in Bitcoin’s dominance in financial investment. According to the chart, Bitcoin has surged by 432% since August 10, 2020, outperforming the 56% increase for the S&P 500 and 50% for the Nasdaq, while Silver and bonds have declined by 13% and 10%, respectively, with gold registering a 7% rise.

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Volatility signifies vitality

In an earlier tweet, Michael Saylor emphasized how volatility signifies vitality. He argues that the fluctuating prices are crucial to the market’s dynamics, portraying them as a natural phenomenon rather than a cause for alarm.

Prior to his tweet, Bitcoin reached a peak price of $73,797, after which BTC saw a decline of 12%, sparking considerable debate within the crypto community.

On March 19, the company issued a press release announcing the acquisition of over 9,000 BTC, funded through a combination of convertible senior notes offerings and company cash reserves.

MicroStrategy has seized this opportunity to bolster their Bitcoin reserves, which now amount to approximately 214,246 BTC at an average Bitcoin price of $35,160.

Contrasting views from other experts

Other experts do not share the same enthusiasm as Michael Saylor, even going public to disagree with his opinion about the future of Bitcoin. Among these experts is Peter Schiff, an economist notorious for his critical stance on cryptocurrencies and Bitcoin.

Following Michael Saylor’s announcement of MicroStrategy’s Bitcoin purchases, Schiff responded to the post, warning of the high-risk nature of Bitcoin accumulation that MicroStrategy is engaging in. He highlighted the volatile nature of the currencies as a potential downfall.

Peter Schiff specifically pointed out that Bitcoin went down 15% from its peak despite MicroStrategy’s aggressive buying and warned that if Bitcoin would fall to $20,000, the company could face losses totaling $3.25 billion, which could escalate to $5.5 billion if Bitcoin were to drop to $10,000.

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
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