Binance CEO says people buying Bitcoin dips would be fine in the future.
The decision by MicroStrategy and El Salvador to continue buying Bitcoins despite the pessimistic feelings around cryptocurrencies has been met with derision by critics. On the other hand, the acquisition was met with enthusiastic approval by the creator of the crypto exchange that operates the biggest trading platform in the world.
According to Changpeng Zhao, most of the cryptocurrency industry’s OGs had to go through at least one bear cycle during which people made fun of them. Those that purchased and held during the bear market in 2014/2015 (When BTC Dipped To $200) or 2018/2019 ($3,000) are in good shape now. Also, Nayib Bukele and Michael Saylor won’t have any problems moving forward. On the other hand, he emphasized that this is not intended to be taken as financial advice.
In crypto, most OGs had to go through one bear cycle where people laughed at them. Those who bought/held in the bear market in 2018/2019 ($3,000) or 2014/2015 ($200) are fine today. And @nayibbukele and @saylor will be fine.
Not financial advice. https://t.co/rxqm8mr6AD
— CZ 🔶 Binance (@cz_binance) July 1, 2022
El Salvador’s cryptic president, Nayib Bukele, tweeted on July 1 that the nation has purchased another 80 Bitcoins at a price of almost $19,000 apiece. He then added, “Bitcoin is the future. Thank you for selling cheap.” The whole cost of the transaction was around 1.52 million dollars.
Also, MicroStrategy’s Chief Executive Officer, Michael Saylor, turned to Twitter to make the announcement that the business has purchased further Bitcoin on June 29th. The software company increased its holdings by 480 BTC, bringing the total value of those assets to $10 million.
With an incredible total of 129,699 Bitcoins in their possession, MicroStrategy was able to acquire each Bitcoin for an average price of $20,817, bringing their total Bitcoin holdings to an astounding total.
Over the last two years, MicroStrategy has used the tactic of purchasing the dip, resulting in the total cache of Bitcoin held by the company incurring an acquisition cost of $3.98 billion.
The adoption of Bitcoin as MicroStrategy’s principal reserve currency was hailed as a success since it occurred just before the commencement of a new bull market. Bitcoin’s share price fell to a low of $152 early this month, reversing its previous losses. Although Saylor remains optimistic about the biggest cryptocurrency, he has once again proved his belief with the acquisition of the most recent token.