According to U.Today, MicroStrategy's chairman and CEO, Michael Saylor, has advised investors to 'Buy Bitcoin before you need it.' amid the current market uncertainty. This advice comes as Bitcoin's price faces instability, dropping to lows not seen in over a month. In the past two weeks, Bitcoin has seen a decline of up to 8%, reaching a low of $58,414 on Monday, marking the worst intraday drop since April 13.
Bitcoin has been affected by two weeks of outflows from exchange-traded funds (ETFs) that hold the cryptocurrency. A recent report from CoinShares revealed that Bitcoin investment products saw outflows of approximately $600 million for the second week in a row. This is the highest in two weeks since January when ETFs were approved in the U.S.
Adding to the market's concerns is the announcement from the rehabilitation trustee of Mt. Gox, a Japanese crypto exchange that was hacked over a decade ago. The trustee stated that repayments of Bitcoin and Bitcoin Cash would begin in July. Uncertainties surrounding monetary policy, including worries about the Federal Reserve's ability to quickly lower interest rates from a two-decade high, have also contributed to the crypto market's downturn. At the time of writing, Bitcoin had slightly recovered and was up 0.41% in the last 24 hours to $61,134.
Investors are now looking forward to this week's economic data releases and comments from Federal Reserve officials. There are ongoing questions about when the first interest rate cut will take place. As the market waits to see what happens next with the Bitcoin price, Saylor's advice serves as a reminder of the importance of strategic planning in times of market uncertainty.
