MicroStrategy Stock Tanks 90%, CEO Sees Bitcoin as ‘cyber Manhattan’

• MicroStrategy stock plunges 90%, reflecting market volatility. 
• CEO Michael Saylor remains bullish on Bitcoin’s long-term potential.
• Saylor compares Bitcoin to “cyber Manhattan,” for its value as a strategic investment.

90.34% to $124.69. This drop has erased roughly $1.165 billion in market capitalization. Despite this, pre-market trading shows a slight rebound, with the stock price edging up to $130.93.

Earlier in the year, MicroStrategy shares traded considerably higher, reaching a closing price of $1,369.21. The stock’s volatility is evident in its wide trading range for the day, fluctuating between $1,240.13 and $1,421.58.

Source: NASDAQ: MSTR

The stock listed on NASDAQ with a market cap of $2.38 billion had gone through a low of $307.11 and a high of $1,999.00, further highlighting its volatile nature. MicroStrategy typically sees an average trading volume of 1.35 million shares.

In a recent interview , Michael Saylor addressed MicroStrategy’s ongoing Bitcoin acquisition strategy. Despite Bitcoin’s dip below $50,000 , he noted that the company consistently acquires the apex crypto quarter after quarter. Saylor emphasized that Bitcoin’s volatility is not a drawback but a key feature that provides liquidity and credit in global markets.

According to Saylor, the digital nature of Bitcoin allows it to function effectively where traditional markets might falter due to physical and political constraints. He advocates for Bitcoin as a long-term capital investment, superior to conventional financial and physical capital due to its security and liquidity. Saylor metaphorically describes Bitcoin as ‘cyber Manhattan,’ a top real estate investment that should be acquired irrespective of timing, focusing instead on long-term potential.
As of the time of writing, the price of Bitcoin (BTC) was trading at $57,404.37, with a trading volume of $41.2 billion, reflecting an increase of  0.22% over the last day, despite a -10.96% decline over the past seven days.