Bitcoin [BTC] has recently shown a strong recovery after facing challenges that led to a drop in price to $60,000.
At the time of writing, BTC was trading at $64,851, marking a 3.68% increase in the last 24 hours according to CoinMarketCap.
Michael Saylor Pitches Bitcoin to Cristiano Ronaldo
Amidst this resurgence, Michael Saylor, a vocal supporter of Bitcoin and former CEO of MicroStrategy, has presented an intriguing idea to Portuguese football icon Cristiano Ronaldo — a “Bitcoin collection.”
Taking to X (previously known as Twitter), Saylor remarked,
“A #bitcoin collection would complement that stunning watch collection.”
This proposition comes on the heels of Ronaldo’s recent flaunting of his opulent timepieces, created in collaboration with the renowned jewelry brand Jacob & Co.
Saylor’s Unwavering Support for Bitcoin
Saylor’s dedication to Bitcoin is well-documented.
In a recent interview with Bloomberg, he revealed his ownership of 17,732 BTC, emphasizing that he has not liquidated any of his holdings.
Besides his personal investment, Saylor’s company, MicroStrategy, stands out as the largest public corporate Bitcoin holder, with assets totaling around $16 billion, consisting of 252,000 coins. In Q3 of 2024 alone, the company added over $1.5 billion worth of BTC to its reserves.
A recent report by House of Chimera on September 24 highlighted MicroStrategy’s dominance in the market, surpassing tech giants like Apple, Microsoft, NVIDIA, and Amazon, solidifying its position in the cryptocurrency sector.
Ronaldo’s Cryptocurrency Venture
Conversely, Cristiano Ronaldo entered the cryptocurrency realm in November 2022 by launching his “CR7” NFT collection in partnership with Binance.
Despite facing a $1 billion lawsuit related to Binance’s NFT offerings, Ronaldo proceeded to release his fourth NFT collection on the platform in May 2023.
However, as the value of the NFT market sharply declined by late 2023, approximately 95% of NFTs witnessed a significant loss in value.
The Motivation Behind Saylor’s Proposal
Saylor has been consistently advocating for Bitcoin to prominent personalities.
However, the recent surge of memecoins backed by celebrities seems to have further fueled his enthusiasm.
One noteworthy example is the Solana-based token “Mother Iggy” (MOTHER) by Australian rapper Iggy Azalea, which has garnered considerable attention. Trading at $0.08926, MOTHER saw a 15.2% increase in value in the last 24 hours, with 990 million tokens actively circulating in the market.
Nevertheless, Ethereum co-founder Vitalik Buterin expressed his discontent over the swift rise of celebrity-endorsed memecoins, indicating,
“I’m quite dissatisfied with ‘this cycle’s celebrity experimentation’ thus far.”
Bitcoin’s Current Market Trends
Amidst these discussions, the sentiment within Bitcoin’s community appears increasingly optimistic, with indicators pointing towards ongoing market positivity as per CoinMarketCap.
As anticipated, the Relative Strength Index (RSI) is currently above the neutral zone at 60, signaling a growing bullish momentum.
Additionally, the narrowing of the Bollinger Bands hints at decreased price volatility, suggesting that bullish sentiment may prevail over bearish trends in the near future.
Collectively, these indicators reflect a rising confidence in Bitcoin, reinforcing a favorable outlook among the community.