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Bitcoin Fails to Break Resistance As Michael Saylor Tells Potential Investors to Buy

At 16:05 GMT on Monday, Bitcoin was trading at $57,793, a 2.88% increase in price over the last 24 hours. In the past few weeks, the coin has been the subject of a lot of positive predictions. However, over the last few weeks, Bitcoin made a retracement from a new all-time high of around $62,000, only to make $60,000 its immovable obstacle.

On March 18, the coin managed to reach $60,300 before it crashed back to the $57,000 level. Then, on March 20, the king cryptocurrency went up to $60k again, only to fall even more strongly to $55,550. Since then, the coin has been in the $57,000 to $59,000 range.

With the end of the first quarter in sight, the bullish signals for Bitcoin are showing signs of waning. Traders are starting to assess the impact of rising US bond yields on the cryptocurrency market. With markets anticipating further rate growth in the 10-year Treasury note, an overvalued BTC/USD exchange rate is clueless about where to head next.

On the flip side, institutional interest has remained strong. Big corporates like Tesla, MicroStrategy, Square have bought large amounts of Bitcoin, adding the pioneer cryptocurrency to their balance sheets as an alternative to their cash reserves.

Also, BNY Mellon, PayPal, Goldman Sachs, and Morgan Stanley have either launched or announced that they will be integrating Bitcoin and other cryptocurrencies to their services and traditional platforms. Allowing high-net-worth individuals to continue to gain exposure in the cryptocurrency market.

Microsoft has also recently polled Xbox users on Bitcoin as a payment method. According to a post on subreddit r/XboxSeriesX, the tech giant has asked its users’ opinion about their preferred mode of payment at its online store.

The post read:

Which of these other payment methods would you like to use on Xbox?

Although, Microsoft has been opened to the idea of Bitcoin adoption long before other corporates came in. It began accepting Bitcoin to fund Microsoft accounts, which allowed the users based in the U.S. to purchase products and services from the company including Xbox games.

MicroStrategy’s CEO says investors haven’t missed the Bitcoin boat

As the price of the coin continues to struggle, the CEO of MicroStrategy, Micheal Saylor, has said that people looking to invest in Bitcoin should do so as they haven’t missed the boat.

Speaking to Bloomberg TV, Saylor dismissed the idea that people are late to the Bitcoin train. He noted that he bought his first Bitcoin when the coin was at $10,000, and has continued to accumulate since then. He said on the show:

First, you haven’t missed the boat. People like me, I bought at $10k, I bought it at $57k. I’ll be buying it at $100k, $200k

He noted that people should not invest in the coin for the sake of it. They should educate themselves on the coin before making a decision. He explained:

The one thing you’ve got to do as an investor, in my opinion, is you have to estimate the rate of monetary inflation each year for the next eight years. And you have to fill in a spreadsheet with your estimate. Is it 15% a year? Is it 20? Is it 5? Is it 7? That drives every other decision you make.

If you have any questions and comments on Bitcoin today, use the form below to reply.

© IbrahimAnifowoshe for Commodity News, 2021. | Permalink | No comment |
Published under: Bitcoin

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