- Michael used the X platform to debunk the myth that Bitcoin’s success was just coincidental.
- MicroStrategy started hoarding BTC in 2020, and their holdings increased to 226,500 bitcoin.
In the days after a market meltdown, Bitcoin’s price has been steadily declining. Bitcoin has lost about 8% this week and is trading at $58.18K as of this writing. In light of this, many have questioned Bitcoin’s development potential and wondered how the cryptocurrency has managed to accomplish so much despite its current struggles.
Many have raised this concern, and some have even suggested that it’s completely coincidental. However, Michael Saylor has emerged to expose the hideous reality of this cryptocurrency’s growth.
Not Just Coincidental
Michael used the X platform to debunk the myth that Bitcoin’s success was just coincidental. Bitcoin has achieved unprecedented levels of success, and he laid out the recipe for that success in the piece.
According to the post, the formula for Bitcoin’s success is as follows: 32 halvings, 21M total tokens, 50 new token releases every block. Plugging these numbers into the formula from previous halvings yielded the desired result. When put together, they provide an ideal description of this token’s operation. How well it has been built to become a super currency is more significant.
It is now very evident why the corporation has been so fixated on Bitcoin, according to Michael Saylor’s presentation of the asset’s appeal. MicroStrategy started hoarding bitcoin in 2020, and in that time, their holdings increased to 226,500 bitcoin.
Metaplanet, a Japanese business, is also increasing its Bitcoin purchases in an effort to compete with Microstrategy. El Salvador is only one of many nations that has backed this token; the country’s wealth consists of over 5,748.76 BTC, with a value of almost $340,687,039.
Furthermore, El Salvador has only lately implemented a certification program that offers to transform its continuing investments via the use of Bitcoin as an investment strategy.
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