#pepe MicroStrategy CEO Michael Saylor Continues to Buy Bitcoin, Here's Why
$BTC
According to CryptoPotato, in a recent interview with Bloomberg Television’s Katie Greifeld, MicroStrategy CEO Michael Saylor stated that he will continue to buy Bitcoin, calling it the 'exit strategy' and 'the strongest asset.' As Bitcoin's price hovers around the $65K mark, analysts like Galaxy Digital CEO Mike Novogratz expect it to rally to new record highs in 2024. There are three main reasons why many Bitcoin investors buy on the way up.
Firstly, each new all-time high (ATH) in Bitcoin's price dwarfs the last. Historically, Bitcoin has soared in price to a new record high around a year after each supply halving at the top of a bull market. Buyers with a long time horizon of four years or more can find their record-high price purchase looking like a bargain in just four years’ time if the trend holds up.
Secondly, many Bitcoin investors find it beneficial to buy all the way up to and through the top, whether they are dollar cost average savers like MicroStrategy or more actively manage their exposure to Bitcoin prices. Saylor told Bloomberg that Bitcoin is an asset class, not a company, and is competing against gold, the S&P index, and real estate as a store of value.
Lastly, buying on the way up is also good for investors who plan to exit at peak price levels before and at the beginning of a long-term correction trend to capture profits from this cycle and accumulate more Bitcoin by using the profits to begin accumulating again at the lower end of the cryptocurrency’s multi-year price range. This strategy makes investors more sensitive to exiting on time to avoid losses.
