Bitcoin’s climb toward $60K stirs excitement, yet skeptics like Peter Schiff question its lasting value.
- Saylor remains bullish on Bitcoin, citing its volatility as a valuable feature. MicroStrategy holds 226,500 BTC, reflecting strong corporate commitment despite market skepticism.
After dipping into oversold territory earlier in August, Bitcoin [BTC] has made a strong comeback, nearing the significant $60K mark.
According to the latest update from CoinMarketCap, the leading cryptocurrency was trading at $59,280, reflecting a 1.35% increase over the last 24 hours.
Saylor on Bitcoin
This renewed bullish momentum has been welcomed by long-time BTC advocates, including MicroStrategy’s Co-founder and Chairman, Michael Saylor, who took to X and noted,
“Unlock your future. #Bitcoin.”
Saylor’s remarks were well-received, notably by Joel Valenzuela, the Director of Marketing and Business Development at Dash, who echoed the sentiment and said,
“The future of custodial money.”
Saylor appreciated Bitcoin’s volatility
That being said, Saylor recently emphasized that BTC’s volatility should not be viewed as a drawback but rather as an inherent feature of digital assets.
He highlighted that this volatility is part and parcel of what makes Bitcoin unique and valuable in the long term.
“Bitcoin’s volatility is a feature, not a bug.”
Additionally, in a recent interview with Bloomberg, Saylor disclosed that he personally holds 17,732 BTC and stressed that he hasn’t parted with a single one of these digital assets.
“I continue to acquire more. I think it’s a great capital investment asset for an individual, family, institutional corporation or country. I can’t see a better place to put my money.”
Microstrategy’s BTC holdings revealed
Beyond Saylor’s personal BTC holdings, MicroStrategy, the company he leads, has also made a significant mark in the crypto space.
As of the end of July, MicroStrategy has accumulated an impressive 226,500 BTC, making it the largest public corporate holder of Bitcoin.
With current market conditions, this massive reserve is valued at approximately $12.7 billion, underscoring the company’s deep commitment to the digital asset.
Expanding on the same, Saylor in his 11th August X post noted,
Source: Michael Saylor/X
Peter Schiff disregards Bitcoin’s worth
However, not everyone shares Saylor’s enthusiasm for BTC. Peter Schiff, a well-known financial expert, remains skeptical about Bitcoin’s value.
In a recent YouTube discussion, Schiff openly questioned whether BTC holds any real worth and said,
“I’m open-minded but I’m also smart and honest.”
He emphasized that despite numerous efforts by Bitcoin enthusiasts, he has yet to hear a compelling argument that convinces him to embrace the cryptocurrency.
What’s ahead for BTC?
On top of that, with the RSI still below the neutral level, it’s uncertain whether BTC will break past the $60K mark or continue to face resistance before a potential bull run.
However, the widening Bollinger Bands suggest increasing volatility, which could signal a bullish shift in the near future.
Source: Trading View
Take a Survey: Chance to Win $500 USDT
Next: SEC charges Novatech, founders, promoters with $650M crypto fraud
Source