Bitcoin Surges 3.43% to $108,000 After Strategy's $749 Million Accumulation

Michael Saylor, a prominent Bitcoin advocate and the CEO of Strategy, a company powered by Bitcoin, took to his official X account to comment on the recent surge in Bitcoin's price, which briefly topped the $108,000 level. Saylor shared an AI-generated image of himself in a suit with an orange tie, a color associated with Bitcoin, and invited everyone to join him on a metaphorical journey, stating, “Get in the car,” as Bitcoin's price soared.

Bitcoin experienced a significant surge, rising by 3.43% from $104,460 to just above the $108,000 mark, nearing its all-time high of $109,110 reached on Jan. 20. Following this surge, Bitcoin faced a pullback, initially dropping by 1.39% to $106,230, before recovering slightly to $106,688. This price jump occurred a few days after Strategy announced a substantial Bitcoin accumulation, purchasing $749 million worth of digital gold, equivalent to 7,390 BTC. With this acquisition, the company now holds a total of 576,230 Bitcoin.

In a surprising turn of events this week, Strategy, Saylor, and two other top executives of the company faced a class action lawsuit from MSTR investors. The lawsuit alleges that Saylor and his company provided misleading statements about their Bitcoin investment strategy. Despite this legal challenge, Saylor remains bullish on Bitcoin, as evidenced by his recent tweet.

Another prominent figure in the crypto space, Robert Kiyosaki, the author of “Rich Dad Poor Dad,” also commented on the recent Bitcoin price surge. Kiyosaki predicted that Bitcoin could reach at least $500,000 and potentially even $1,000,000. He based this prediction on the failed U.S. Treasuries auction on May 20, where the Federal Reserve had to buy $50 billion worth of U.S. bonds. Kiyosaki believes this event signifies growing investor distrust in the U.S. debt sustainability and suggests that hyperinflation is likely to arrive soon. According to Kiyosaki, this economic environment could drive gold to $25,000 per ounce, silver to $70, and Bitcoin to skyrocket to $500,000 or even $1,000,000.