U.Today – Michael Saylor, founder and executive chairman at MicroStrategy, has shared a bullish tweet about Bitcoin nearing a new record close to $90,000, following another significant Bitcoin accumulation by the company.
Saylor reacts to Bitcoin almost reaching $90,000
In the last 24 hours, the leading cryptocurrency surged roughly 10%, moving from around $81,900 to $89,956, marking a new all-time high this week. In response to this impressive rise, Saylor tweeted an AI-generated image of himself in a space suit, captioning it, “Have Spacesuit, Will Travel,” accompanied by a rocket ship emoji.
Last week, Bitcoin hit a previous all-time high of $75,000, and today it's close to $90,000 at $89,956.
MicroStrategy buys $2.03 billion of Bitcoin
The day before, MicroStrategy announced its purchase of an additional 27,200 BTC for an astounding $2.03 billion. This acquisition took place on Oct. 31 and Nov. 10. On Oct. 31, Saylor unveiled a strategic plan to buy $42 billion worth of Bitcoin over the next few years to significantly expand the company’s BTC holdings.
MicroStrategy's success with Bitcoin has spurred a notable increase in its share price, with MSTR soaring over 27% in the past month, significantly outperforming Bitcoin.
Bitcoin's upward trend has been influenced by recent changes in U.S. political leadership and the Federal Reserve's second interest rate cut of the year. In September, Jerome Powell announced a 50-basis-point reduction; this time, the Fed cut rates by 25 basis points. This rate cut has contributed to a rapid increase in Bitcoin's price, achieving roughly four new all-time highs within a week.
Additionally, Bloomberg Intelligence's chief commodity strategist Mike McGlone noted on Monday that Bitcoin’s correlation to the S&P 500 index has risen to 0.6 over the past 60 days, suggesting that the current price surge may also relate to a rising stock market.
This article was originally published on U.Today
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