U.Today – As the cryptocurrency market faces uncertainty, Michael Saylor, chairman and co-founder of MicroStrategy, has issued a message expressing his confidence in the crypto asset. In a tweet, Saylor stated, “Bitcoin is the future,” indicating his continued confidence in Bitcoin’s long-term potential despite short-term price swings.
Saylor’s statement comes at a time when Bitcoin has seen significant volatility. BTC fell for two days in a row before rising in today’s trading session.
Much of the drop came after the latest US Consumer Price Index (CPI) data (July) was released on Wednesday evening. Net outflows from US-listed spot Bitcoin ETFs contributed in part to the price drop, with Grayscale’s GBTC being the hardest hit.
At the time of writing, BTC was up 0.43% over the past 24 hours to $58,423, recovering to highs of $58,633 after its drop to lows of $56,120 in Thursday’s trading session. This rally demonstrates Bitcoin’s potential to regain strength even in the face of market uncertainty, something Saylor has frequently emphasized in his support of Bitcoin.
In a recent tweet, Saylor claimed that “Bitcoin volatility is a feature, not a bug.”
What are cryptocurrencies for?
Nervousness about the labor market and the broader economy increased earlier this month when the July jobs report came in worse than expected. It also raised questions about whether the Federal Reserve should have already lowered interest rates.
Markets had been heavily pricing in a rate cut in September when the central bank is due to meet again, supported by inflation statistics released earlier this week. The consumer price index rose 0.2% month-on-month in July, as expected, and rose 2.9% year-on-year, which was less than projected.
This remains crucial as cryptocurrencies have been “sensitive” to US economic data in recent months.
The market is currently awaiting comments from Federal Reserve officials in the coming weeks to assess the outlook on the economy and interest rates, especially next week's Jackson Hole symposium.
This article was originally published on U.Today
