Illustration shows representation of cryptocurrency Bitcoin plunge into water
Bitcoin dropped sharply over the weekend, but can Michael Saylor actually "do something" about it? Reuters

KEY POINTS

  • One user said Bitcoin holders were 'going down' and Saylor should do something about it
  • Another user was concerned that the 'bubble' may burst after Bitcoin recorded a new ATH in March
  • BTC prices particularly saw a sharp drop over the weekend after Iran attacked Israel

Bitcoin, the world's most popular cryptocurrency, has fallen sharply from its glory days in March when it hit a new all-time high of $73,000, and some crypto users seem to think Michael Saylor can do something to drive prices up.

MicroStrategy's founder and CEO took to X (formerly Twitter) on Tuesday to say that "Bitcoin is digital energy." While many of his followers in the comments section agreed, some were more concerned that Saylor remained bullish even if Bitcoin shed $10,000 in about a month after it reached a new all-time high (ATH).

"Do something," one user urged the Bitcoin maximalist. Another user called on the tech executive to "pump the price some more." One user was more serious and argued that "Bitcoin loses value" the more it is praised.

One user raised the issue of a "bubble," wherein an asset's price spikes significantly, making the asset unsustainable, thus, causing the asset to "burst" or decrease in value.

Another user was hopeful that the "energy" Saylor mentioned could help Bitcoin recover from its "crash." One user expressed concern "about its [Bitcoin's] future" as he said it was a "structure that completely drains our energy."

Fears related to Bitcoin prices going down significantly just about a month after it hit a new all-time high, come just three days before the expected halving event on April 20. During the said event, BTC mining rewards will be cut in half, resulting in slower market supply. Historically, prices went up post-halving, but things could be different this time around due to various macro trends such as geopolitical risks.

The perfect example of war impacting Bitcoin price is how things panned out last week. BTC was trading at around $70,000 most of the week, but come Saturday, it plummeted below $62,000. On the said day, Iran rained more than 300 drones and missiles toward Israel.

Analysts believe this year's halving event will be a survival test for Bitcoin miners. It will expose the weakest mining firms across the world and will also bring forth the strongest in the sector – those who've built up adequate mining infrastructure to cover costs associated with the high-electricity-demand sector.

Meanwhile, Saylor is unfazed despite Bitcoin's dip. He has shown no signs of panicking amid uncertainty in the market. Following the weekend slump on news of Iran's attack in Israel, he even urged the crypto community to "capitalize" on Bitcoin, revealing how his company, MicroStrategy, has grown 1097% since implementing its BTC strategy.

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