KEY POINTS
- Many Bitcoiners agreed with Saylor about Bitcoin being the future of finance
- The tech magnate previously predicted that traditional banks will eventually offer BTC custody services
- Bitcoin is expected to undergo a halving on Saturday, which will cut BTC mining rewards in half
Bitcoin, which has been battered by volatile markets and macro trends such as global wars in the past week, has finally regrouped, adding some $3,000 from its fall to $60,000 as the world's largest cryptocurrency by market value is one day away from its halving event.
The cryptocurrency plummeted to $60,000 late Wednesday, but has since climbed to over $63,000 as of writing, possibly triggered by a wave of optimism from some of the world's most prominent Bitcoin holders such as MicroStrategy's founder and executive chairman, Michael Saylor.
Face the Future. #Bitcoin pic.twitter.com/rZacJ04pTd
— Michael Saylor⚡️ (@saylor) April 18, 2024
"Face the future," Saylor wrote on X (formerly Twitter) Thursday, with many Bitcoiners agreeing that the world's first decentralized crypto is the future of finance.
The future of finance.
— Crypto Ashley (@ashleyxcrypto) April 18, 2024
Prepare for the Glory 🔥
— Haggie (@ism_haggie) April 18, 2024
#Bitcoin is the future
— FinTechInsider (@InsiderFinTech) April 18, 2024
The future is in #Bitcoin
Believe
One user said that the world will "have to face Bitcoin" sooner or later, seemingly echoing Saylor's prediction in March that traditional banks will eventually be forced to offer BTC custody services as their largest clients start to demand such offerings.
A few hours later, Saylor once again took to X to ask what could happen if "an investor with unlimited capital" launched an initiative to acquire 450 BTC on a daily basis at market price for the next four years "and hold the asset forever."
What if an investor with unlimited capital announced a program to acquire 450 $BTC daily at the market price for the next four years and hold the asset forever? What if they increased their purchases to 675 BTC daily in 2028, and to 787.5 BTC daily in 2032? #BitcoinHalving.
— Michael Saylor⚡️ (@saylor) April 18, 2024
Cryptocurrency exchange IXFI said the statement could be Saylor's subtle way of announcing MicroStrategy's "plans for the next 8 years." However, one user explained that the tech titan meant something else. "This 'investor' is #BitconHalving personified, and the 'announcement' is hard-wired into the code. An 'investor' announcing a program to acquire 450 BTC daily at the market price for the next four years and hold the asset forever would result in a significant and sustained demand for Bitcoin over that period," the user said.
Saylor's latest statements come as the Bitcoin community waits for its halving event – when BTC mining rewards are split in half, reducing the circulation of new Bitcoins in the market – which is expected on April 20.
The sentiment is largely bullish among Bitcoiners, and Saylor's encouragements to the community even when the digital coin weakened significantly in the past week may have served their purpose well as the cryptocurrency gradually recovers.
Despite widely optimistic views of the impact of halving on Bitcoin, there have also been some doubters. Some crypto users slammed Saylor for being very positive about the halving even when prices were down, considering how Bitcoin hit a new all-time high of over $73,000 in March.
