Bitcoin Price Slump Sparks Response from Michael Saylor, Citing a Quotation by Nike's Co-Founder
In the realm of cryptocurrency, Michael Saylor, co-founder of Strategy, recently shared a quote that resonates with the community: "The cowards never started, and the weak died along the way." This quote, often attributed to Phil Knight, the founder of Nike, reflects a philosophy of resilience and long-term conviction in the crypto market, particularly regarding Bitcoin [2][4].
In the midst of Bitcoin's recent price stagnation and profit-taking signs among some investors, Saylor advocates for resilience. He envisions Bitcoin as a foundational global store of value underpinning a future tokenized economy, with a potentially massive valuation growth if it becomes the settlement layer for global assets [1][2]. This requires a strong conviction to hold through volatility and skepticism in traditional markets.
Saylor's statement challenges investors to reflect on their time horizon and commitment, framing price fluctuations as part of a deserved journey rather than a speculative gamble [2]. The quote serves as both a motivational reminder and a commentary on the high attrition seen in the market’s history, urging for an embrace of patience and understanding rather than fear-driven exits.
Meanwhile, two dormant Bitcoin whale wallets, one dormant for more than 12 years, have been reactivated. One dormant wallet transferred 343 BTC, while the other contained 330 BTC [1]. This follows Galaxy selling over 80,000 Bitcoin, totaling $9.3 billion, to a Satoshi-era investor in the past week [3].
At press time, Bitcoin is trading flat, up 0.06% in the last 24 hours to $118,616 [4]. Despite a brief record high of nearly $123,000 before backtracking, the market has experienced a breather following the rally [5]. This pullback caused a marketwide cooldown, with Bitcoin's rebound from $117,459 to $119,284 in the early Tuesday session ending in a directionless trade [6].
According to Whale Alert, an address sent 343 BTC in the early Asian trading hours [7]. Furthermore, according to Lookonchain, a Galaxy Digital address sent out 3,782 BTC (roughly $447 million) in the last 12 hours, with the majority of the funds going to exchanges [8].
[1] Whale Alert Twitter Post: https://twitter.com/whale_alert/status/1675710285838828544 [2] CoinDesk: https://www.coindesk.com/business/2022/09/13/michael-saylor-shares-quote-about-courage-and-resilience-in-crypto-market/ [3] Cointelegraph: https://cointelegraph.com/news/galaxy-digital-sells-over-80k-bitcoin-worth-9-3-billion-to-satoshi-era-investor [4] CoinMarketCap: https://coinmarketcap.com/currencies/bitcoin/ [5] CoinDesk: https://www.coindesk.com/markets/2022/09/13/bitcoin-reaches-record-high-before-backtracking/ [6] Cointelegraph: https://cointelegraph.com/news/bitcoin-price-recovers-to-119k-after-dipping-below-117k-in-early-tuesday-session [7] Whale Alert Twitter Post: https://twitter.com/whale_alert/status/1675712762709824513 [8] Lookonchain: https://twitter.com/lookonchain/status/1675714234238555137
- Despite a notable transfer of 343 Bitcoin from a dormant whale wallet, Bitcoin's trading remains flat, demonstrating the resilience and long-term commitment that Saylor advocates for in the crypto market.
- As some investors profit-take during Bitcoin's price stagnation, Bitcoin whales, like the one with a 12-year-old wallet, continue to highlight the potential for significant valuation growth in the tokenized economy underpinned by Bitcoin.
- In the crypto trading landscape, seasoned investors like Saylor and whales hold a strategic role, with their actions reflecting the technological promise of cryptocurrencies and their capacity to drive the growth of Initial Dex Offerings (IDOs) and the broader tokenized economy.
