Michael Saylor, co-founder of MicroStrategy and a well-known advocate for Bitcoin, has taken to Twitter to emphasize the cryptocurrency’s impressive performance compared to traditional financial assets. Over the past few days, Bitcoin has surged more than 5%, reclaiming the significant price level of $66,000.
Bitcoin Outshines Traditional Assets
Saylor shared a chart illustrating Bitcoin’s exceptional annual performance since August 2020, the month when MicroStrategy made its inaugural Bitcoin purchase. As of September, Bitcoin boasts annual gains of 51%, far surpassing other major assets. The next closest performer is the Magnificent 7 stocks index—which includes tech giants like Amazon, Microsoft, Apple, and Tesla—with a 27% increase. Following that is the S&P 500, which has risen by 14%, real estate at 10%, and gold at 7%. Notably, the bond market has entered negative territory, experiencing a 4% decline.
In his tweet, Saylor succinctly stated, “Bitcoin is winning,” highlighting the cryptocurrency’s robust market performance.
On Friday, Saylor also celebrated Bitcoin’s return to the $66,000 mark, tweeting, “Bitcoin is Storm-Proof.” He engaged with renowned investor Raoul Pal, who mentioned his core crypto investments, including Solana (SOL) and Dogecoin (DOGE). Saylor remarked that “Bitcoin misses” Pal, to which Pal responded, affirming his belief in Bitcoin but expressing a desire for assets with the potential for rapid, high-risk returns.
Bitcoin’s Recent Price Movements
In the last two days, Bitcoin has seen a 5.32% increase, rising from $62,850 to $66,340. However, a slight pullback followed, bringing the price down to around $65,816 at the time of this writing. Since the previous Wednesday, Bitcoin has gained over 10%, climbing from $59,410 after the Federal Reserve announced a 50 basis point interest rate cut—the first reduction in four years. This pivotal announcement was further supported by a similar decision from the Central Bank of China, as well as substantial purchases of Bitcoin by BlackRock, which has seen inflows of $388.19 million into its spot Bitcoin ETF, IBIT, over the past four days.
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