Twitter Hodlers Celebrate as Bitcoin Tops $30k
Is the bear market over for bitcoin? Some investors think the asset’s recent $30,000 breakthrough means that the worst is over
Skorzewiak/Shutterstock modified by Blockworks
Bitcoin broke through $30,000 on April 11, reaching price levels not seen since June of last year.
Following the milestone, Microstrategy’s Michael Saylor took to Twitter to declare that “Bitcoin is champion.”
Saylor vacated his role as the company’s CEO in 2022, but remains its executive chair. He also oversees the company’s bitcoin transactions.
Bitcoin (BTC) above $30,000 puts Microstrategy back in the green in its investment. The average purchase price of MSTR’s bitcoin bet is just over $29,000. On April 5, Microstrategy added 1,045 bitcoin to its position for around $29.3 million.
Other bitcoin bulls, such as YouTuber @CryptoRover used the price action as a chance to declare that the bear market was over.
Investor Lark Davis insinuated that this was just the beginning of a crypto rally, saying that “The day will soon come when buying Bitcoin under $30,000 will seem like as much of a fantasy as buying BTC under 3k is to us now.”
And of course, celebratory hodlers never miss an opportunity to throw some shade. Twitter user and self-proclaimed “Chief Hodler” @CarlBMenger posted a sad Spongebob and teased, “Still waiting for 10k like your favourite crypto YouTuber recommended?”
“Is nature healing?” Money manager Genevive Roch-Decter, who goes by @Grdecter on Twitter, asked.
Another Twitter user @TheBitcoinTherapist also declared the bear market over and shared a meme showing a ship sinking with Silicon Valley Bank, Credit Suisse, Silvergate and FedNow aboard it.
Peter Schiff, CEO of Euro Pacific Capital and a well-known critic of bitcoin, took to Twitter to say that the rally is being driven by existing hodlers, and that the “institutional adoption is over.”
Crypto trader @PKycek shared a chart of Bitcoin and noted that the bitcoin “dominance chart is trending nicely” but he added “let’s see if there is a reversion…”
Get the news in your inbox. Explore Blockworks newsletters:
- Blockworks Daily: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.
- Empire: Start your morning with the top news and analysis to inform your day in crypto.
- Forward Guidance: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.
- 0xResearch: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.
- Lightspeed: Built for Solana investors, developers and community members. The latest from one of crypto’s hottest networks.
- The Drop: For crypto collectors and traders, covering apps, games, memes and more.
