Michael Saylor, cofounder and chairman of MicroStrategy, has made an announcement alluding to Bitcoin that has resonated with the crypto neighborhood. In a tweet, Saylor wrote, “Think about all the things, divided by 21 million,” accompanied by a GIF picture in commemoration of Bitcoin Infinity Day, which is held on Aug. 21.
Bitcoin Infinity Day being celebrated immediately holds particular significance for Bitcoin fans and serves as a reminder of the finite provide of Bitcoin.
Think about all the things, divided by 21 million.pic.twitter.com/5qqoQfa61L
— Michael Saylor⚡️ (@saylor) August 21, 2024
The date Aug. 21 may be written as 8/21. The quantity “8” represents the infinity image, “∞, ” whereas “21” refers back to the most provide of Bitcoin that may ever exist, which is ready at 21 million.
Saylor’s assertion is a reference to one of the vital elementary facets of Bitcoin: its fastened provide. In contrast to typical fiat currencies, Bitcoin’s whole provide is proscribed to 21 million cash.
By stating, “Think about all the things, divided by 21 million,” Saylor highlights Bitcoin’s finite provide. This shortage stays a key part of Bitcoin’s worth proposition.
Bitcoin derivatives sign BTC worth reversal
In line with Bloomberg, there’s an rising chance of a “quick squeeze” on the Bitcoin derivatives market, which could result in a serious rally for BTC, K33 Analysis famous.
The funding fee for Bitcoin perpetual futures, which estimates how bullish or bearish speculators are may sign a bullish reversal for the BTC worth. Aug. 20 had the bottom seven-day common annualized funding fee since March 2023, in accordance with K33.
The cryptocurrency market has been in a cautious temper recently, with Bitcoin persevering with to lose floor in August following its incapability to remain above the $60,000 mark.
Issues that the U.S. authorities is perhaps promoting seized tokens have lately impacted Bitcoin’s worth. Merchants are additionally anticipating essential feedback by Federal Reserve Chair Jerome Powell, whose indications about probably interest-rate decreases may trigger volatility.
On the time of writing, BTC was down 2.03% within the final 24 hours to 59,492, about $14,250 beneath its March all-time excessive.
