26.05.202111:00 Forex Analysis & Reviews: MicroStrategy asks other companies to buy bitcoin as well

Bitcoin continues to try to start a new upward trend. It is theoretically possible, but from our point of view, such growth will be limited by the level of $45,000 and will be frankly corrective. In order for Bitcoin to start an upward trend again, a strong fundamental background is needed, which cannot be achieved now. But there is new information from a company that loves to invest in bitcoin, and is very upset when bitcoin does not rise in price all the time. MicroStrategy CFO Phong Le said that it was the responsibility of any tech company to add Bitcoin as a reserve asset. "I'm not saying you should put all of your corporate treasury in bitcoin. But if you're not putting any of it into bitcoin, I don't think you're doing your fiduciary responsibility, which is maximizing shareholder value." Phong Le said. Fiduciary responsibility means that those companies or managers who deal with other people's money must act in the best interests of their customers, not their own. Simply put, Phong Le insists that everyone needs bitcoin, even a farmer from Texas needs bitcoin, and tech companies seem to represent the entire US population and, since everyone needs bitcoin, such companies are obliged to develop it in the interests of everyone. For some reason, Le associates the growth in the shareholder value of companies with Bitcoin purchases. This is such nonsense from the CFO of a company that was once associated with software development, and not with buying cryptocurrencies. Le also believes that companies that offer financial products based on bitcoin are obliged to use them themselves, in other words, invest in bitcoin. "To do so credibly, you have to go all in, you have to put bitcoin on your balance sheet." Le said. However, it is not at all surprising why the director of the company that bought more than 90,000 BTC encourages others to also buy bitcoin under various plausible excuses. The simpler motivation "bitcoin will cost $1 million" no longer works, so you need to look for other ways to motivate large investors in bitcoin. As we said earlier, bitcoin more and more resembles a "financial pyramid", where those who are at the bottom (who bought bitcoin earlier) can earn only at the expense of those who are at the top (later came to the market). If the latter are not there, those who are below do not earn either. Therefore, everyone who owns any number of bitcoin coins is interested in seeing the bullish trend recover as soon as possible. Hence, there are hundreds of predictions about hundreds of thousands of dollars that a digital gold coin will someday be worth.

Technically, bitcoin on a 4-hour timeframe is currently trying to move away from its local minimums with all its might. But even in spite of a strong pullback from the level of $29,873, it still cannot be said that the downward movement is completed. As you can see, the price has not even managed to overcome the Ichimoku cloud yet, and in general, the upward movement is not too strong.