As the cryptocurrency market navigates a period of uncertainty, MicroStrategy chairman and CEO Michael Saylor has issued a crucial tip: “Buy Bitcoin before you need it.” This tip comes at a time when the Bitcoin price is facing uncertainty, falling to lows last seen in over a month.
Bitcoin has fallen for two weeks in a row, shedding as much as 8% to reach a low of $58,414 on Monday, the worst intraday drop since April 13.
Bitcoin has been buffeted by two weeks of outflows from exchange-traded funds (ETF) that hold the largest cryptocurrency.
According to the recent CoinShares report, Bitcoin investment products experienced outflows of roughly $600 million for the second consecutive week, the greatest in two weeks since January, when ETFs gained approval in the U.S.
Adding to concerns about rising sell pressure, the rehabilitation trustee of Mt. Gox, the Japanese crypto exchange that was hacked more than a decade ago, stated that it would begin repaying Bitcoin and Bitcoin Cash in July.
Uncertainties around monetary policy, including concerns about the Federal Reserve’s ability to drop interest rates swiftly from a two-decade high, have also contributed to the crypto market’s collapse.
At the time of writing, Bitcoin had marginally recovered and was up 0.41% in the last 24 hours to $61,134.
Looking ahead, investors anticipate economic data releases this week, as well as comments from Federal Reserve officials. Questions persist regarding when the first interest rate cut will occur.
As the market waits to see what happens next with the Bitcoin price, Saylor’s tip serves as a reminder of the need for strategic planning in the face of market uncertainty.
