MicroStrategy's Michael Saylor Seconds Eric Trump's Call To Buy the Bitcoin Dip

Bitcoin price has dropped by 7.5% in the past week to trade below £70,349 on 26th February for the first time in three months. US President Trump's reaffirmation to impose 25% import tariffs on Canada and Mexico as early as next week triggered a massive sell-off in traditional securities as well as digital assets.

Market participants fear impending trade wars between nations could lead to stricter cross-border regulations, a drop in liquidity, and increased volatility across global markets.

Furthermore, the Bybit hack, in which North Korean hacking syndicate Lazarus Group supposedly stole Ethereum tokens worth £1.18 billion, has added to the negative sentiment in the crypto market. The latest hack, deemed 'the single largest known theft of any kind in all time,' led to total outflows worth £4.34 billion from the Dubai-based crypto exchange.

Bybit even announced a £110.65 million bounty to track down the people responsible for the hack. 'We want to officially reward our community who lent us their expertise, experience and support,' said Bybit CEO Ben Zhou.

However, in an X post yesterday, Donald Trump's son, Eric Trump, opined that investors should 'Buy the dips.'

On the same day, MicroStrategy co-founder Michael Saylor posted on the social media platform 'Bitcoin on sale,' implying that he views the BTC price drop as a buying opportunity for investors. To which Jan3 CEO Samson Mow replied that Saylor 'should keep a few billion aside just to buy the dips.'

Despite these views from pro-crypto industry leaders, the Crypto Fear and Greed Index signalled extreme fear among investors. The index gauges market sentiment by analysing social media activity and price trends.

MicroStrategy Continues To Buy Bitcoins Aggressively

MicroStrategy holds the largest corporate Bitcoin portfolio, owning over 499,000 tokens worth £37.15 billion at current prices. The company's holdings amount to 2.4% of Bitcoin's total supply.

Recently, MicroStrategy announced purchasing 20,365 BTC, worth £1.58 billion, at an average buying price of £77,078 per token. Investors anticipated the latest buy after the company announced plans to raise funds via zero-coupon convertible bonds. MicroStrategy plans to accumulate £33.19 billion worth of Bitcoins in the next three years as part of its '21/21' plan.

Crypto advocates like Saylor and Mow forecast that Bitcoin prices will surge beyond £790,440 ($1 million) in the long run as Trump's pro-crypto policies and the ongoing development of regulatory frameworks to safeguard investors fuel mass adoption.

Recently, Saylor highlighted several catalysts for his forecasts. He thinks Bitcoin's role as an inflation hedge, the approval of Spot Bitcoin ETFs, banks taking custody of Bitcoin, and the fair value accounting for BTC on corporate balance sheets are transformative for the overall cryptocurrency industry.

Disclaimer: Our digital media content is for informational purposes only and not investment advice. Please conduct your own analysis or seek professional advice before investing. Remember, investments are subject to market risks and past performance doesn't indicate future returns.