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michael saylorThe American entrepreneur and CEO of MicroStrategy has broken his silence amid the chaotic turmoil in the crypto market. Naturally, the essence of the post was to once again show support for Bitcoin (BTC).
Recent statements from Michael Saylor, known for being a vocal supporter of major cryptocurrencies, only underscore his belief in Bitcoin’s long-term potential.
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As BTC price quickly pushed the key support level above $62,000, MicroStrategy’s CEO went along with the action with just one word: “bullish.” Those were not the only words in the post, as Saylor also included an AI-generated image of him riding a bull with the Bitcoin logo on its forehead.
This may seem like a businessman’s idea, and his social media presence may seem unconventional, but the cryptocurrency itself is also unconventional, so it’s a perfect fit.
Ride the Bitcoin roller coaster
In the end, the reason for the cryptocurrency market’s surge was the overall employment situation in the United States. The employment report was better than expected and this positive sentiment is believed to have pushed up the prices of assets, especially cryptocurrencies.
BTC to USD conversion by CoinMarketCap
However, it is not all rosy, with a significant increase in labor market activity raising questions about whether there is an economic downturn. Given these statistics, a significant rate cut of 50 bps is out of the question. Rather, the question is whether interest rates should be cut in November.
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Unless interest rates are cut, the money printing presses that many market participants are hoping will not start up soon.
