Michael Saylor’s Remark on Bitcoin’s Fixed Supply Sends Shockwaves Through Crypto Community
Bitcoin Infinity Day, celebrated on Aug. 21, holds deep significance for Bitcoin enthusiasts as it marks the finite supply of the cryptocurrency. In a tweet, Michael Saylor, cofounder and chairman of MicroStrategy, urged followers to “Imagine everything, divided by 21 million,” emphasizing Bitcoin’s scarcity.
The date 8/21 symbolizes the infinity of Bitcoin, with “8” representing the infinity symbol and “21” denoting the maximum supply of 21 million coins. Saylor’s statement underscores one of Bitcoin’s core features – its fixed supply, setting it apart from traditional fiat currencies.
On the financial front, Bloomberg reports a potential “short squeeze” in the Bitcoin derivatives market, signaling a possible bullish reversal in BTC price. The funding rate for Bitcoin perpetual futures hit its lowest seven-day average annualized rate since March 2023 on Aug. 20, hinting at a market shift.
Despite recent market caution and Bitcoin’s struggle to surpass $60,000, concerns over the U.S. government’s potential token sales and upcoming comments from Federal Reserve Chair Jerome Powell on interest rates have added to market volatility. At the time of writing, BTC was down 2.03% in the last 24 hours, hovering around $59,492.
In essence, Saylor’s statement highlights the importance of Bitcoin’s limited supply, while market indicators suggest a possible price rally. Investors should stay informed and cautious amid market uncertainties to make informed decisions for their financial futures.