Michael Saylor Weighs in on Bitcoin as BTC Prices Decline
2024-08-30

Amid the current drop in Bitcoin's price, Michael Saylor, cofounder and chairman of MicroStrategy, has captured the attention in the crypto community with a thought-provoking statement. A staunch bitcoin advocate, Saylor took to X to share his insights, stating, "Success isn’t random—it’s calculated. Bitcoin."
Success isn’t random—it’s calculated. #Bitcoin pic.twitter.com/6dUl37NK6y— Michael Saylor⚡️ (@saylor) August 30, 2024
Saylor's tweet was accompanied by an image that explained his caption. The image bore a mathematical formula derived from Bitcoin variables: 32, which is the total number of halvings to ever occur; 210,000, which is the number of blocks between halvings; 50, which is the number of new Bitcoins issued per block and, lastly, the cumulative number of halvings so far, which is 2i.
The timing of Saylor's tweet coincides with a period of volatility on the cryptocurrency market, where Bitcoin experienced a significant price drop. Several factors have contributed to this decline, including macroeconomic uncertainties and profit-taking by investors.
Several crypto assets are in the red, with Bitcoin down 3.34% in the last 24 hours to $58,167. Bitcoin experienced profit-taking after reaching highs of $61, 194 in yesterday's trading session, falling to an intraday low of $58,027 at press time after losing the $59,000 level.
Ethereum, Shiba Inu, Solana and Chainlink posted losses between 3% and 6%. FET, TAO, WIF and Floki had larger losses between 7% and 18%.
Saylor's message speaks volumes
Saylor's message, "Success isn’t random—it’s calculated," underscores his Bitcoin approach. MicroStrategy, Saylor's company, started acquiring Bitcoin in August 2020 as a hedge against inflation and an alternative to cash.
MicroStrategy, led by Saylor, declared 226,500 Bitcoin holdings on July 31, up a few coins since its most recent purchase announcement in mid-June. The 226,500 Bitcoins were purchased for $8.3 billion, or an average of $36,821 per token. For Saylor and MicroStrategy, Bitcoin is not a speculative gamble but a carefully considered strategy.
Saylor recently stated that he becomes more bullish on Bitcoin with each passing day.