Michael Saylor, MicroStrategy's cofounder and chairman, has once again ignited the crypto community with a bold Bitcoin statement.
In an X post, Saylor simply wrote: "Catch the Bitcoin Wave." Saylor's post comes at a time when the cryptocurrency market is experiencing lackluster price movement.
Catch the #Bitcoin Wave. pic.twitter.com/AnKIZnIl4G
— Michael Saylor⚡️ (@saylor) September 5, 2024
Bitcoin's price action has stagnated, and investor sentiment has been apathetic for the last six months. According to Glassnode, a significant shift has occurred in the last three months, with downward pressure intensifying and forcing the market to see its steepest drop of the cycle.
Following this, the Bitcoin Short-Term Holder group stays significantly underwater on its holdings, while the average Bitcoin investor remains profitable overall.
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While the MicroStrategy chairman did not provide further elaboration in his tweet, Saylor's tweet, accompanied by an image of himself riding a wave, evokes imagery of momentum and timing, urging the market to seize the chance before it passes.
Saylor remains the driving force behind MicroStrategy’s aggressive Bitcoin acquisition strategy: as of late July, the company had acquired over 226,500 Bitcoin, making it one of the largest corporate holders of the cryptocurrency.
Bitcoin price action
Cryptocurrencies posted a mixed price action in Thursday's trading session as the latest employment data came in far weaker than expected. At the time of writing, BTC was down 0.62% in the last 24 hours to $56,554.
Private payrolls increased by 99,000 in August, well behind Dow Jones experts' consensus projection of 140,000. This may heighten concerns about the health of the U.S. economy, as investors prepare for the key jobs data release on Friday.
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Specifically, traders are waiting for carefully watched data on nonfarm payrolls, unemployment and wages, which is coming Friday morning.
The report comes ahead of the Federal Reserve's next meeting later this month when it is expected to decrease interest rates. However, uncertainty remains on the magnitude of the rate cut.
