Following a challenging period that led to a drop in its value to $60,000, Bitcoin [BTC] has shown a significant recovery.
Current data from CoinMarketCap indicates that BTC is trading at $64,851, reflecting a 3.68% surge in the past 24 hours.
Michael Saylor Advocates for Bitcoin to Cristiano Ronaldo
In light of this resurgence, Michael Saylor, the vocal supporter of Bitcoin and former CEO of MicroStrategy, has proposed an appealing idea of starting a “Bitcoin assortment” to Portuguese soccer icon Cristiano Ronaldo.
On the X platform (formerly Twitter), he stated,
“A #bitcoin assortment would complement that collection of watches.”
This proposition comes after Ronaldo recently showcased his luxurious watches on social media, created in collaboration with the American jewelry brand Jacob & Co.
Saylor’s Enduring Passion for Bitcoin
Saylor’s dedication to Bitcoin is well-documented.
In a recent interview with Bloomberg, he revealed his possession of 17,732 BTC, asserting that he hasn’t traded a single coin.
Aside from his personal holdings, MicroStrategy, Saylor’s company, stands out as the most extensive public corporate holder of Bitcoin, with around $16 billion in assets involving 252,000 coins, including over $1.5 billion secured in Q3 2024.
Highlighted in a recent House of Chimera post on September 24, MicroStrategy has surpassed major tech giants like Apple, Microsoft, NVIDIA, and Amazon, further solidifying its stature in the cryptocurrency realm.
Ronaldo’s Dive into Cryptocurrency
On the flip side, Cristiano Ronaldo ventured into the cryptocurrency space in November 2022 by launching his “CR7” NFT collection in collaboration with Binance.
Despite facing a $1 billion lawsuit linked to Binance’s NFT offerings, Ronaldo proceeded to unveil his fourth NFT collection with the platform in May 2023.
However, with the NFT market’s value declining significantly by late 2023, approximately 95% of NFTs had diminished in value.
The Motivation Behind Saylor’s Proposal
Saylor has consistently promoted the top cryptocurrency to prominent figures.
However, the surge of meme coins endorsed by celebrities seems to have fueled his enthusiasm even more.
One such example is Australian rapper Iggy Azalea’s Solana-based token, Mother Iggy (MOTHER), which has garnered substantial attention.
Trading at $0.08926, MOTHER has witnessed a 15.2% surge in value over the last 24 hours, with 990 million tokens currently in circulation in the market.
Nevertheless, Ethereum co-founder Vitalik Buterin expressed dissatisfaction with the rapid upsurge in celebrity-backed meme coins, commenting,
“I’m somewhat disheartened by the current trend of celebrities experimenting with this cycle.”
Current Trends in Bitcoin
Amid these discussions, community sentiment towards Bitcoin seems increasingly bullish, with indicators pointing to sustained market optimism according to CoinMarketCap.
As anticipated, the Relative Strength Index (RSI) is currently above the neutral threshold at 60, indicating a rising bullish sentiment.
In addition, the narrowing of the Bollinger Bands suggests reduced price volatility, signaling potential dominance of bullish trends over bearish ones in the near future.
Collectively, these indicators indicate growing trust in Bitcoin, reinforcing positive sentiment among community members.