David Edwards
Co-creator of Dogecoin Billy Markus, also known online as Shibetoshi Nakamoto, sparked a heated debate on social media after making a sardonic remark on the recent decline in the price of Bitcoin. Markus, who is well-known for his clever and frequently humorous commentary on cryptocurrency markets, took advantage of the occasion to draw attention to Bitcoin’s sharp $4,000 decline in less than a day.
The Price Slump of Bitcoin
Over the course of several hours, Bitcoin, the largest cryptocurrency in the world by market value, dropped from $95,300 to a low of $90,640, an almost 5% decline. Even though the price has now marginally increased to $91,600, the decline surpasses the previous week’s low of $91,860 and sets a new low.
Markus replied by tweeting a graph showing the decline in the price of Bitcoin along with the words, “Happy Monday.” His post generated a lot of discussion, with many arguing over the meaning of the decline and the direction of Bitcoin.
The Dip Is Purchased by MicroStrategy
Michael Saylor’s MicroStrategy took advantage of the market volatility to increase its Bitcoin holdings. The business intelligence organization revealed that it had added $243 million worth of Bitcoin to its already sizeable cryptocurrency holdings.
Following this acquisition, MicroStrategy now has over 450,000 BTC in total, worth over $40.58 billion. This amounts to 2.14% of the 21 million Bitcoins that are available.
This most recent purchase comes after Saylor bought $101 million worth of Bitcoin on January 5, demonstrating his ongoing faith in the cryptocurrency’s long-term worth. Saylor has previously said that MicroStrategy intends to store Bitcoin “forever” and has projected that by gaining a portion of the market value of gold, Bitcoin might hit $13 million per coin within the next ten years.
Markus’ jovial criticism highlights the divisive viewpoints within the cryptocurrency ecosystem and stands in stark contrast to MicroStrategy’s optimistic outlook. Some people are skeptical of Bitcoin’s volatility and long-term usefulness, while others see the recent decline as a chance to buy.
