Michael Saylor, the chairman of MicroStrategy and a well-known supporter of Bitcoin, recently praised the mysterious creator of Bitcoin, Satoshi Nakamoto.
In a tweet, Saylor mentioned the impact of Satoshi, stating that “Satoshi started a fire in cyberspace.” He metaphorically described Bitcoin as a “fire in cyberspace,” emphasizing the revolutionary nature of this digital currency.
Satoshi Nakamoto, whose true identity remains unknown, introduced the Bitcoin whitepaper in 2008 and mined the first block of the Bitcoin blockchain in 2009. Satoshi’s goal was to establish a decentralized, peer-to-peer electronic cash system that operates without centralized authorities. This vision has transformed into a global phenomenon, with Bitcoin leading the way in the cryptocurrency revolution.
The “fire” that Saylor refers to signifies the innovative spark that has ignited a global movement towards decentralized finance. Satoshi’s creation of Bitcoin has indeed sparked a transformative force in the digital realm, reshaping our understanding of money, value, and decentralization.
In terms of Bitcoin’s price action, it climbed in the past week to nearly 2.5% of its all-time high of $73,798 set in mid-March. This surge was driven by increasing demand for exchange-traded funds (ETFs). At present, Bitcoin is trading at $69,711, marking a yearly increase of almost 161%.
The growth of Bitcoin this year gained momentum after the Securities and Exchange Commission permitted ETFs investing directly in Bitcoin in January. In May, the regulator made progress towards approving similar spot ETFs.
As Bitcoin contemplates its next price movement, crypto analyst Ali highlighted a strong support zone between $69,380 and $67,350. This level is crucial for Bitcoin to maintain its upward momentum, as 1.97 million addresses acquired 964,000 BTC within this range.
In a bullish sentiment, Ali reported a recent withdrawal of approximately 22,647 BTC, valued at over $1.57 billion, from crypto exchanges.
This article was originally published on U.Today.