MicroStrategy co-founder Michael Saylor has expressed optimism about the price of Bitcoin despite the current geopolitical upheaval.
HISTORICAL POINTS
- According to Michael Saylor, the current chaos may be advantageous for Bitcoin, as stated in an X post.
- The post suggests the possible current global turmoil, even if it doesn't specify what "chaos" he was referring to.
- Prices for cryptocurrencies, such as Ethereum (ETH) and Bitcoin, have significantly dropped in the wake of the Israeli military's declaration.
Despite the present geopolitical unrest, Michael Saylor, a co-founder of MicroStrategy, has voiced confidence over the price of Bitcoin. He stated that "chaos is good for Bitcoin" in a Platform X article. However, the remarks run a little counter to the fluctuations in the market price of all cryptocurrencies.
Michael Saylor's positive outlook on Bitcoin
According to Michael Saylor, the current chaos may be advantageous for Bitcoin, as stated in an X post. The post has implications regarding potential contemporary international instability, even though it doesn't explicitly state what "chaos" he was referring to. The industry's price movement, however, runs completely counter to that.
After Iran claimed to have launched "dozens" of drones into Israeli land, the Israeli military announced that cryptocurrency prices, including those of Bitcoin and Ethereum (ETH), fell precipitously.
Current Unrest in Geopolitics
Michael Saylor's statement coincides with the Israeli military's announcement that the geopolitical unrest will cause the drones of Iran's Islamic Revolutionary Guard Corps (IRGC) to take some time to reach Israel.
It is crucial to keep in mind that a prior Israeli attack on the Iranian consulate in Syria resulted in the deaths of seven members of the IRGC. Iran's most recent drone strike was a retaliatory move against Israel. Israel is "closely monitoring a planned attack" against it by Iran and its regional allies, according to Defence Minister Yoav Gallant, implying that the government is ready for an attack from Iran directly.
The market for meme coins dropped 18% in the last day due to liquidations of larger crypto assets. As a result of the ongoing volatility of digital assets, sell-offs are occurring, making investors cautious about market trends due to macroeconomic worries.
Meme Coins Collapse Next to Bitcoin
Despite Michael Saylor's assertions, there is currently a significant decline in Bitcoin. In addition, meme coins have experienced a decline. Strong withdrawals of important assets from Meme Coins caused market losses that reached 17%. Although monthly gains have been more than offset by losses, there will be some respite due to the upcoming halving of Bitcoin.
Investors are pulling money out of riskier investments as a result of the global upheaval. Another important factor causing the trend to decline is the US tax deadline. According to market professionals, the weeks leading up to the tax deadline are always dismal when assets saw large inflows the previous year.