U.Today – Michael Saylor, founder and executive chairman at MicroStrategy behemoth, has published a bullish tweet to comment on reaching a new record peak close to $90,000. This surge came right after the company announced another staggering Bitcoin accumulation.
Saylor reacts to Bitcoin almost reaching $90,000
Over the last 24 hours, the world’s leading cryptocurrency has skyrocketed by roughly 10%, soaring from the $81,900 zone to $89,956, reaching a new all-time high this week. Reacting to this glorious rise, Saylor published an AI-generated image of himself wearing a space suit and a helmet, with space and a view of the Earth from orbit in the background.
“Have Spacesuit, Will Travel,” he wrote, adding an emoji of a rocket ship flying into space to the tweet.
Last week, Bitcoin set a new all-time high of $75,000, and today it whooshed to $89,956, which is just inches away from $90,000.
MicroStrategy buys $2.03 billion of Bitcoin
A day earlier, Saylor’s MicroStrategy issued a press release to announce that it bought another massive Bitcoin batch to add to the stash it already holds. The company stated that it had purchased 27,200 BTC for a stunning $2.03 billion. That purchase was actually made on Oct. 31 and Nov. 10. On Oct. 31, Saylor also released a strategic plan to buy a mind-blowing $42 billion worth of Bitcoin over the next few years and expand the company’s BTC holdings significantly.
MicroStrategy’s recent Bitcoin success has led to a large increase in its share price, as MSTR soared by more than 27% in the past month, greatly outperforming Bitcoin.
Bitcoin has been fueled by the recent change in U.S. political leadership and the Federal Reserve’s second interest rate cut this year. While in September, Jerome Powell announced a 50-basis-point reduction, this time, the Fed cut rates by 25 basis points. Still, this rate cut catalyzed Bitcoin’s large and fast price increase, with roughly four new all-time highs reached within a single week.
Besides, Bloomberg Intelligence’s chief commodity strategist Mike McGlone tweeted on Monday that Bitcoin’s correlation to the S&P 500 index over the past 60 days has surged to 0.6 (unlike that of gold), which suggests that BTC’s current price surge may also be attributed to the rising stock market.
This article was originally published on U.Today
