Strategy, the largest institutional Bitcoin ($BTC) investor, continues its $BTC buying strategy. Continuing its weekly purchases, Strategy maintains its belief that $BTC will rise.
At this point, speaking to CNBC, Strategy founder Michael Saylor said that Bitcoin had fallen from a peak of around $125,000 to around $60,000, where it found solid support and bottomed out.
Saylor has now added that Bitcoin has entered its spring warm-up phase.
Saylor also stated that the current price level has strong support and predicted that the market would recover from this point.
The well-known figure emphasized that the additional Bitcoin supply from miners was completely absorbed by the market, stating: “Our company could purchase all Bitcoin produced by miners until 2140.”
The Relationship Between SpaceX’s IPO and Bitcoin!
Besides Saylor, Strategy CEO Phong Le also spoke about Bitcoin. Le stated that SpaceX’s IPO means that 25% of the ‘Magnificent Eight’ will own $BTC.
Strategy CEO Phong Le stated in a post on his X account that if Elon Musk’s company SpaceX goes public, the Magnificent Seven will become the Magnificent Eight.
Currently, Tesla, among major tech stocks, holds 11,509 Bitcoin. If SpaceX is also added to the Nasdaq 100, the number of major tech stocks holding Bitcoin will increase to two.
Le added that this also means that 25% of the new group of eight will hold Bitcoin on their balance sheets.
“With the SpaceX IPO, Mag 7 will evolve into Mag 8, and 25% of Mag 8 will hold Bitcoin in their balances.”
The Magnificent Seven refers to the seven largest US technology companies by market capitalization: “Apple, Microsoft, Nvidia, Amazon, Alphabet, Meta, and Tesla.”
*This is not investment advice.
