Michael Saylor, co-founder and chairman of MicroStrategy, has made a bold statement that has resonated with the crypto community, as Bitcoin briefly touched the $65,000 mark.
Bitcoin reached $65,000 for the first time in almost three weeks, buoyed by renewed demand for U.S. exchange-traded funds amid concerns that the Federal Reserve is preparing to ease monetary policies.
The largest digital asset reached highs of $65,050 in Sunday’s trading session before retreating below $64,000 on Monday. Bitcoin has risen over 10% since the past week, the largest increase since mid-July.
Saylor declared in an X post, “Four years on the Bitcoin Standard, and you would have outperformed every company in the S&P 500.”
Four years on the #Bitcoin Standard, and you would have outperformed every company in the S&P 500. pic.twitter.com/X2QMKMNJn5
— Michael Saylor⚡️ (@saylor) August 25, 2024
Accompanying his tweet was an image that showcased MicroStrategy’s stock performance compared to other S&P 500 companies since the firm adopted its Bitcoin strategy in August 2020. The data highlighted MicroStrategy’s remarkable outperformance, surpassing notable companies such as Nvidia and Marathon Oil.
MicroStrategy, one of the first public companies to adopt Bitcoin as a primary treasury reserve asset, has reaped significant rewards since embarking on its Bitcoin journey.
Saylor’s tweet alongside the image demonstrated how MicroStrategy’s stock has significantly outperformed major players like Nvidia, Marathon Oil and other S&P 500 companies over the last four years, bolstered by its Bitcoin strategy.
$252 million net inflow as Bitcoin rises
Fed Chair Jerome Powell offered the clearest hint yet Friday that the central bank might be on track to lower benchmark interest rates from a more than two-decade high, implying a more favorable liquidity backdrop for global markets.
Bitcoin prices soared following Powell’s speech, reaching highs of $65,050 in Sunday’s trading session. At the time of writing, Bitcoin had fallen 0.06% in the previous 24 hours to $63,930.
Powell’s signal resulted in a $252 million net inflow into a group of a dozen U.S. spot Bitcoin ETFs on the same day, the largest in more than a month, according to Bloomberg data. The funds have received inflows for seven consecutive days.
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