It will surprise approximately no one that Michael Saylor remains extremely bullish on Bitcoin (BTC), and the MicroStrategy co-founder didn’t disappoint on Tuesday, telling his followers on X that the world’s largest crypto will just drift up forever, despite its recent price doldrums.
Saylor’s bullishness comes as moneyed Bitcoin investors continue snapping up billions of dollars worth of BTC.
Bitcoin’s Upside Potential Is Uncapped
Michael Saylor shared an AI-generated image of himself as a university professor with a piece of chalk on his right hand. He was doing calculations on a blackboard and turned around to explain the subject to the listeners.
Saylor captioned the image: “By my calculations, bitcoin is going up forever.”
By my calculations, bitcoin is going up forever.
— Michael Saylorpic.twitter.com/tSQuUJlUbh
(@saylor) August 20, 2024
Saylor’s post came shortly after the premier crypto topped $61,000 earlier today. In particular, BTC rose from the $58,000 level to a local high of $61,361 over the past 24 hours.
At the time of writing, the price of Bitcoin is now sitting around $58,900 after having gained a measly 0.5% on the day, according to data from CoinGecko.
Under Saylor’s leadership, MicroStrategy acquired its first Bitcoin hoard on August 10, 2020, becoming the first public-listed company to embrace BTC as its primary treasury reserve asset. Four years later, MicroStrategy has amassed 226,500 BTC after choosing not to liquidate any of its assets.
An unabashed Bitcoin bull, Saylor predicted at the Bitcoin 2024 Nashville conference that Bitcoin could be worth as much as $49 million and account for 22% of global wealth in 2045.
$5.7B In BTC Scooped Up By Large Whales In Just Six Weeks
Meanwhile, blockchain analytics firm Santiment observed that Bitcoin whales have continued accumulating after buying approximately $5.76 billion in BTC amid a price lull.
“Bitcoin’s whales, specifically wallets that hold between 100-1,000 BTC, have accumulated 94,700 more coins in the last six weeks. As price uncertainty has shaken many traders out of crypto, key stakeholders are loading up,” Santiment wrote on X.
— Santiment (@santimentfeed) August 19, 2024
Bitcoin's whales, specifically wallets that hold between 100-1K BTC, have accumulated 94.7K more coins in the last 6 weeks. As price uncertainty has shaken many traders out of crypto, key stakeholders are loading up. pic.twitter.com/hrhlVrNqNU
Fellow blockchain analytics company Glassnode echoed Santiment’s view that investors are stacking up Bitcoin as the crypto market nurses losses. Glassnode indicated that an on-chain Bitcoin indicator that tracks investors’ balance and accumulation trends is currently green.
“The Accumulation Trend Score (ATS) indicates a market shift back to accumulation, with the ATS reaching its maximum value of 1.0, signaling significant accumulation over the past month.”
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