Michael Saylor congratulated Elon Musk after SpaceX's historic IPO and said 25% of the Mag8 now holds bitcoin on corporate balance sheets. His comments underscored bitcoin's expanding presence within the upper ranks of the technology sector as more major companies add BTC to their treasuries.
Bitcoin was designed as a hedge against inflation, but every hot inflation report in the past year has knocked its price lower, and Thursday's data was no different. The Producer Price Index rose 1.1% in May, lifting the annual increase to 6.5%, the fastest pace since November 2022 and well above the 0.
The crypto community has been buzzing with excitement since the official SpaceX IPO launch and MicroStrategy's chairman, Michael Saylor has joined in to applaud Elon Musk on the successful launch.
Strategy's recent Bitcoin sale appeared to clash with Saylor's "never sell" mantra, but he says the move reflects how the company's digital credit business works.
Bitcoin punched through $64,000 on Monday.
London BTC Company Ltd (LSE:BTC, OTCQB:VINZF) is expanding its Nevada gold portfolio as part of a strategy designed to complement its core Bitcoin treasury and mining operations. In this interview with Proactive, chief executive Hewie Rattray discusses the rationale behind the company's latest project acquisitions and how management sees gold supporting long-term Bitcoin accumulation.
"Thanks to you, 25% of the Mag8 now holds bitcoin on the balance sheet," Saylor wrote on X, congratulating Musk on SpaceX's historic IPO debut.
Bitcoin is back in the spotlight, but not because of its price. While the world's largest cryptocurrency traded near $63,975 at press time which is up 1% over the past 24 hours and 8.25% over the last week. A different conversation emerged today following SpaceX's successful Nasdaq debut.
Glassnode shows persistent demand for downside protection, while CryptoQuant says key capitulation signals have yet to confirm a durable Bitcoin bottom.
The Bitcoin network is poised to execute one of the largest downward adjustments to its mining difficulty in its 17-year history this weekend, a stark reflection of the severe margin compression forcing operators to take hardware offline.
A potential Bank of Japan rate hike is testing Bitcoin's resilience as leverage resets and credit conditions tighten.
Michael Saylor said SpaceX's IPO marks a milestone for corporate Bitcoin adoption, arguing that 25% of the so-called Mag 8 now hold BTC on their balance sheets.