:max_bytes(150000):strip_icc()/GettyImages-2203279027-d9c722b3984247aa81362b2be9193d70.jpg "Bitcoin’s Price May Be Falling, But Michael Saylor Feels ‘Indestructible’")
:max_bytes(150000):strip_icc():format(jpeg)/GettyImages-2203279027-d9c722b3984247aa81362b2be9193d70.jpg)
Key Takeaways
- The price of the world’s largest cryptocurrency fell below its weekly low to the $88,000 level on Wednesday, Messari data show.
- Strategy, a big corporate bitcoin buyer, isn’t too concerned. “We’re pretty indestructible,” Michael Saylor said in an interview with Fox Business.
The bumps and bruises keep coming for bitcoin. Michael Saylor says he’s unbowed.
The world’s most well-known and biggest cryptocurrency is continuing to sink. On Wednesday, bitcoin (BTCUSD) set a new weekly low, falling below$89,000, according to research platform Messari. Meanwhile, crypto-linked stocks were in retreat on a tentatively upbeat day for markets: Strategy (MSTR) slid more than 11% and Coinbase Global (COIN), almost 5%, as of Wednesday afternoon.
Many investors, big and small appear to be in sell mode. While there has been some recently “buying the dip” in crypto markets on Robinhood (HOOD), according to CIO Stephanie Guild, volumes haven’t been as large as during past drawdowns. Meanwhile, spot bitcoin ETFs have collectively seen five consecutive days of net outflows totaling nearly $2.3 billion, according to Farside Investors.
There’s at least one whale-size buyer amid the wreckage: Strategy, which earlier this week disclosed that it added to its stockpile. Executive chair Michael Saylor says he’s unfazed by the latest downturn.
Why This Matters to Crypto Investors
The drawdowns seen lately aren’t the worst bitcoin has seen over its history. In March 2020, the onset of Covid cut the price of bitcoin by half to below $4,000 over two days. There was also the infamous Mt. Gox exchange outage in April 2013 , when the value of the cryptocurrency was merely hundreds of dollars.
“Never ₿ack Down,” he wrote on X earlier today, using the “B” symbol that denotes bitcoin and sharing art depicting himself as a soldier of yore. (A few days ago, he was on a lifeboat, fleeing a sinking ship, in another artistic offering.)
“If you zoom out, this is par for the course,” Saylor said in an interview with Fox Business on Tuesday. He added: “The company is engineered to take an 80% to 90% drawdown and keep on ticking. I think we’re pretty indestructible.”
An 80% to 90% fall from bitcoin’s all-time high of roughly $126,000 would put the price of the coin at $25,242 to $12,621. For Strategy and Saylor, who first moved the enterprise software company’s cash into bitcoin in August 2020, those levels might be familiar: The average price paid for that initial bitcoin purchase was $11,600.
