MicroStrategy co-founder Michael Saylor has expressed his optimism on Bitcoin prices, despite the current geo-political tensions. In a post on platform X, he expressed that “chaos is good for Bitcoin”. The comments however are a bit contrary to the price movement in the entire crypto industry.
Michael Saylor Positive on Bitcoin
Michael Saylor via an X post said that the present chaos could be potentially good for Bitcoin. While not mentioning what “chaos” he was talking about, the post hints towards the current geopolitical unrest that might be going on. However, the price movement in the industry is quite contrary to that.
Cryptocurrency prices, which include Bitcoin and Ethereum (ETH), have experienced a substantial decline following the Israeli military’s announcement that Iran has launched “dozens” of drones into Israeli territory.
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Current Geopolitical Unrest
Michael Saylor’s post comes as the Israeli military reports that it will take some time for the drones belonging to Iran’s Islamic Revolutionary Guard Corps (IRGC) to reach Israel due to the geopolitical chaos.
It is important to remember that seven members of the IRGC were slain in an earlier Israeli attack on the Iranian consulate in Syria. The most recent drone strike by Iran is an act of reprisal against Israel. According to Defense Minister Yoav Gallant, Israel is “closely monitoring a planned attack” against it by Iran and its partners in the region, suggesting that the government is prepared for a direct strike from Iran.
In the past day, the memecoin market fell 18% as a result of liquidations from larger crypto assets. The persistent volatility of digital assets is leading to sell-offs as investors become wary of market patterns due to macroeconomic concerns.
Meme Coins Tank Alongside Bitcoin
Contrary to Michael Saylor’s beliefs, Bitcoin is currently falling sharply. Alongside that, even Meme coins have taken a hit. Market losses resulted from Meme coins’ strong withdrawals of key assets fell up to 17%. Even while monthly gains have been greatly offset by losses, the impending Bitcoin halving will bring some relief.
Due to the geopolitical unrest, investors are withdrawing money from riskier investments. The US tax deadline is another significant element contributing to the downward trend. Market analysts claim that weeks leading up to the tax deadline are typically gloomy when assets had significant inflows the year before.
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