MicroStrategy founder Michael Saylor is enjoying the excitement around the spot Bitcoin ETF! Saylor conveys his message through cult films. After the message he gave yesterday with The Shawshank Redemption, today he chose the movie The Godfather. In a way, Saylor said “hello” to Elon Musk’s tweet that took Dogecoin to the top in 2021. Meanwhile, El Salvador’s Bitcoin investment initiative has borne fruit.
Bitcoin billionaire references “The Godfather” like Musk!
cryptokoin.comAs you follow from , MicroStrategy has been buying Bitcoin since August 2020. The company’s founder and former CEO, Michael Saylor, posted what may seem like a direct reference to a tweet from Elon Musk three years ago in which the Tesla CEO had fun supporting Dogecoin. “Bitcoin is an offer you can’t refuse,” Saylor wrote in his post. He also included a picture of Marlon Brando as The Godfather holding Bitcoin.
Interestingly, Elon Musk also did something similar before appearing on Saturday Night Live in April 2021. Musk later called himself the “Dogefather”. This increased the Dogecoin price significantly. So much so that after Musk’s debut, DOGE rose to its ATH level of $0.7376 on May 8.
El Salvador’s Bitcoin gambling has become lucrative!
El Salvador has made a major turnaround in its Bitcoin investment strategy. The country currently has an impressive $11.76 million in unrealized gains. This development marks a significant change from the initial losses encountered in the early stages of investing. El Salvador’s journey into the Bitcoin market began in September 2021 by purchasing 700 BTC. The country’s total assets currently stand at 2,798 Bitcoins, worth approximately $130.5 million. This bold move towards cryptocurrency was launched under the leadership of President Nayib Bukele, who recently announced that the country has moved to profitability with these investments.
The strategic timing of El Salvador’s Bitcoin purchases, specifically the last major purchase in November 2022 at $27,780 per coin, has reduced the average cost of BTC holdings to approximately $42,440. This clever move helped offset the initial high acquisition costs. Thus, it played an important role in laying the foundation for the current unrealized gains.
Impact of global BTC trends
El Salvador’s success in the Bitcoin market is in line with the global volatility in BTC prices. Because the leading cryptocurrency has increased by 75% since October. This rise is largely attributed to the anticipation surrounding the potential approval of a spot Bitcoin ETF in the United States. Experts expect the upcoming SEC decision to have significant impacts on the global crypto market.
Initially met with skepticism, the country’s investment in BTC has become a prime example of the high-risk, high-reward nature of the cryptocurrency market. The rise in Bitcoin’s value and the resulting profitability enjoyed by El Salvador highlights the potential benefits sovereign entities can derive from the digital asset landscape.
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