- MicroStrategy chairman Michael Saylor argues that chaos is good for Bitcoin.
- BTC crashed to around $60K amid escalating tensions between Iran and Israel.
- MicroStrategy lost over $1.5 billion in the last 24 hours following the crash.
Michael Saylor, the founder and chairman of MicroStrategy, has expressed his view that “chaos is good for Bitcoin.” Saylor shared this perspective in a post on X on Saturday as Bitcoin crashed to the $60K threshold.
Notably, Bitcoin collapsed by over 10% in the last 24 hours from about $68K, sinking to the $60K range. Pundits have attributed the dramatic fall to the escalating global tensions, particularly those between Iran and Israel.
Bitcoin’s decline has had significant implications for leverage traders, especially those who opened long positions for BTC. According to WhaleWire, over $1.2 billion in Bitcoin longs alone were liquidated over the last 24 hours. WhaleWire estimated that the number set a new record as Bitcoin bulls have not experienced such liquidation in the last 15 years.
Despite this significant financial implication, MicroStrategy’s chairman believes this development brought by the political chaos is good for Bitcoin. Meanwhile, MicroStrategy has also taken a significant hit from the market turmoil.
With a portfolio of 214,245 BTC, MicroStrategy experienced a loss of over $1.5 billion in the last 24 hours, considering BTC’s intraday high and low of $67,900 and $60,900, respectively. Nonetheless, the Bitcoin whale still commands a staggering profit of over $6.26 billion, considering its average BTC purchase price is $35,372. The firm is only witnessing losses in its two most recent Bitcoin purchases, which were above $67K.
Meanwhile, crypto market participants have challenged Saylor’s choice of words amid the escalating global conflict. Some consider it insensitive to the border context of the situation. Siding with Saylor’s view, another X user remarked, “Bitcoin is a hedge against chaos.”
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