- Michael Saylor promotes Bitcoin over fiat as the dollar rises and Turkish lira weakens, calling BTC a safer alternative to devaluing currencies.
- Strategy purchases $10.7 million in Bitcoin, following a plan to raise capital through preferred stock sales for continued BTC acquisitions.
- Bitcoin price rebounds to $84,330 ahead of the FOMC meeting, with traders watching the $80K support and future rate decision impacts.
Bitcoin saw renewed interest after Strategy cofounder Michael Saylor posted a short message on social media. On Monday, he shared the phrase “Try BTC” along with a chart that displayed the U.S. dollar’s strengthening trend against the Turkish lira.
In his continuous endorsement of Bitcoin as value storage, Michael Saylor differentiates it from fiat currencies that experience inflation and devaluation. In his recent update, the author continued to focus on Bitcoin’s capability to safeguard wealth value. Besides the message, his company’s actions have continued to reflect this belief.
Strategy Makes Additional Bitcoin Purchase
On Monday, Strategy confirmed the purchase of $10.7 million in Bitcoin. This came just days after the company revealed plans to issue up to $21 billion in preferred shares. The proceeds, according to Strategy, would support general business use and include continued Bitcoin accumulation.
Strategy announced in the previous week that it plans to generate more funds through the issuance of $500 million of dollar-denominated perpetual preferred stock. The strategy intends to increase capital via these stock sales to buy Bitcoin and support operations. The software firm which used to be known as MicroStrategy demonstrates a steady expansion of its cryptocurrency investments.
Bitcoin Rebounds as Market Eyes Fed Decision
During early Wednesday market hours, Bitcoin touched maximum levels of $84,330. The market saw this increase in price happen before the Federal Open Market Committee (FOMC) meeting which traders believe will show no change in interest rates. Bitcoin maintained its position near $83,934 with a 2% daily rise at the reporting time.
The $80,000 price level stands out as an important benchmark as a descent underneath it might indicate a substantial market loss. The on-chain data firm Glassnode shows that market liquidity has decreased in both on-chain and futures platforms which provides less price volatility. The inactive state of long-term Bitcoin holders signals market hesitation as well as price movements that stay stable
