Amid widespread panic in the crypto market and Bitcoin falling below $50,000, MicroStrategy Chairman Michael Saylor has reaffirmed his support for the crypto community. He stated that he is still holding onto his Bitcoins firmly. In a recent tweet on X, Michael Saylor confirmed he continues to hold his BTC. Despite the market crash, he remains committed to his Bitcoin investment strategy. Over the past 24 hours, Bitcoin’s market cap has dropped by more than $200 billion, while new reports have emerged about a potential Fed rate cut.
For the first time since February, Bitcoin’s price has dropped below $50,000, losing its trillion-dollar valuation. Meanwhile, MicroStrategy (NASDAQ: MSTR) stock has fallen 16% today, reaching $1,213.77. This drop has extended MSTR’s weekly losses to over 27%. Other publicly listed companies have also experienced similar declines along with the broader crypto market crash.
It will be interesting to see if Michael Saylor decides to buy more Bitcoin at these lower prices. In last week’s Q2 results announcement, Saylor mentioned that MicroStrategy plans to raise an additional $2 billion to purchase more BTC. While Bitcoin’s price has dropped by 18%, spot gold is down less than 2%, currently trading at $2,394. Popular economist Peter Schiff believes that gold and silver are the best options against the current US recession and stock market downturn.
Schiff predicts that the Federal Reserve will eventually change its stance, increasing the money supply and causing real interest rates and the dollar’s value to fall, which will drive inflation higher again. He also took the opportunity to criticize Bitcoin for its volatility, stating:
“This weekend’s Bitcoin crash is an example of why Bitcoin will never be a reserve asset for any major government or central bank. A reserve asset must have relatively low volatility. It needs to be readily sold when needed. It can’t crash more than the assets it’s supposed to hedge.”
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