U.Today – Michael Saylor, co-founder and chairman of MicroStrategy, has made a statement that has resonated with the cryptocurrency community. In a tweet, Saylor wrote: “Imagine all of that, divided by 21 million,” accompanied by a GIF image commemorating Bitcoin Infinity Day, which falls on August 21.
Today's Bitcoin Infinity Day has special significance for Bitcoin enthusiasts and serves as a reminder of the finite supply of Bitcoin.
The date August 21 can be written as 8/21. The number “8” represents the infinity symbol, “, ” while “21” refers to the maximum supply of Bitcoin that will ever exist, which is set at 21 million.
Saylor’s statement is a reference to one of the most fundamental aspects of Bitcoin: its fixed supply. Unlike typical fiat currencies, Bitcoin’s total supply is limited to 21 million coins.
By stating, “Imagine everything divided by 21 million,” Saylor highlights Bitcoin’s finite supply. This scarcity remains a key component of Bitcoin’s value proposition.
Bitcoin derivatives indicate a BTC price reversal
According to Bloomberg, there is a growing possibility of a “short squeeze” in the Bitcoin derivatives market, which could lead to a major BTC rally, K33 Research noted.
The Bitcoin perpetual futures funding rate, which estimates how bullish or bearish speculators are, could signal a bullish BTC price reversal. Aug. 20 saw the lowest seven-day average annualized funding rate since March 2023, according to K33.
The cryptocurrency market has been cautious lately, with Bitcoin continuing to lose ground in August following its failure to stay above the $60,000 mark.
Concerns that the US government may be selling seized tokens have recently weighed on the price of Bitcoin. Traders are also anticipating crucial comments from Federal Reserve Chairman Jerome Powell, whose indications of likely interest rate cuts could cause volatility.
At the time of writing, BTC was down 2.03% over the past 24 hours to $59,492, roughly $14,250 below its all-time high in March.
This article was originally published on U.Today
