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Michael Saylor Responds to Musk's Bitcoin Endorsement

Elon Musk’s new profile picture featuring “laser eyes” has sparked speculation and a brief Bitcoin price surge. Michael Saylor has noted the potential endorsement.

• Main Points:

  • Musk's Laser Eyes: Elon Musk changes profile picture to feature laser eyes, igniting Bitcoin endorsement rumors.

  • Bitcoin Price Surge: BTC briefly tops $68,000 following Musk’s profile update.

  • Historical Context: Laser eyes meme from 2021 bull run resurfaces.

  • Tesla’s Bitcoin Involvement: Tesla's $1.5 billion Bitcoin investment and potential future announcements.

  • Speculation: Rumors of Musk attending the Bitcoin conference and possible Tesla Bitcoin-related news.

• Detailed Insights:

  • Musk's Laser Eyes: MicroStrategy co-founder Michael Saylor has noted Elon Musk’s new profile picture, which features the iconic "laser eyes." This meme was popularized during the 2021 Bitcoin bull run to symbolize a hyper-focused commitment to Bitcoin’s adoption and success.

  • Bitcoin Price Surge: Following Musk’s apparent endorsement, Bitcoin’s price briefly surged past $68,000. This renewed interest in Bitcoin comes after a period of relative price stability.

  • Historical Context: The laser eyes meme gained traction in 2021, with various celebrities and politicians adopting it to show support for Bitcoin. The campaign aimed to push Bitcoin’s price to $100,000.

  • Tesla’s Bitcoin Involvement: Tesla initially acquired $1.5 billion worth of Bitcoin in February 2021 and briefly accepted it as a payment method before suspending this due to environmental concerns. Despite the backlash, Tesla still holds $184 million in digital assets as of Q1 2024.

  • Speculation: Musk’s profile update has led to rumors about his potential attendance at the upcoming Bitcoin conference in Nashville. Some speculate that Tesla might be preparing a Bitcoin-related announcement. In the past, Musk stirred the crypto community by suggesting that Dogecoin could outperform Bitcoin with sufficient scaling.

Related: Bitcoin Hits $67,300: Michael Saylor Reacts

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Bitcoin Surprises with Huge Weekly Gain

Bitcoin records a stunning weekly close above $68,000, surging over 12% in a week amid favorable market conditions and growing ETF demand.

• Main Points:

  • Weekly Close: BTC closes above $68,000, marking a significant gain.

  • Inflation Data Impact: June inflation data boosts hopes for rate cuts.

  • ETF Demand: Bitcoin ETFs see over $17 billion in YTD net inflows.

  • Market Analysis: Experts see potential for further upside.

  • Future Predictions: Mike Novogratz forecasts BTC at $100,000, pending a key resistance break.

• Detailed Insights:

  • Weekly Close: Bitcoin, the largest cryptocurrency by market cap, has achieved a weekly close above $68,000, reflecting a more than 12% increase within a single week. As of now, Bitcoin is trading at $67,804, according to CoinGecko data.

  • Inflation Data Impact: The rally follows the release of June inflation data, which has revived hopes for several interest rate cuts this year. Despite the positive data, Federal Reserve Bank of San Francisco President Mary Daly noted that the central bank has not yet reached its target.

  • ETF Demand: Increasing demand from Bitcoin ETF buyers has significantly contributed to Bitcoin’s recent surge. Year-to-date net inflows for Bitcoin ETFs have now surpassed $17 billion. "Demand growth could be in the early stages of recovery. Something to monitor for the next few weeks," stated Julio Moreno, head of research at CryptoQuant.

  • Market Analysis: Prominent cryptocurrency trader Josh Olszewicz highlighted that Bitcoin has "plenty of room" on the upside after surviving the lower bound of the current channel. Pseudonymous trader Rekt Capital noted that the market is consolidating in the post-halving re-accumulation range, with the main resistance at $71,500.

  • Future Predictions: Galaxy Digital CEO Mike Novogratz recently predicted that Bitcoin could reach $100,000. However, this would require surpassing the critical resistance level of $73,000. It is also important to note that Mt. Gox repayments remain a potential bearish factor. Earlier today, a transfer of 0.021 BTC to a new wallet was made in preparation for repayments.

Related: Bitcoin Sellers 'Exhausted' as $67K Holds

Robert Kiyosaki: How to Make Money in Your Sleep

Robert Kiyosaki, author of "Rich Dad Poor Dad," predicts significant wealth opportunities as real estate markets crash, advising people to learn to make money in their sleep.

• Main Points:

  • Wealth Opportunity: Kiyosaki sees crashing real estate markets as a prime opportunity for wealth accumulation.

  • Key Advice: Emphasizes the importance of making money in your sleep.

  • Personal Development: Advises on resilience and confidence.

  • Investment Strategies: Recommends investing in Bitcoin, gold, and silver.

  • Economic Outlook: Warns of severe financial crash and the impact of AI on employment.

• Detailed Insights:

  • Wealth Opportunity: Robert Kiyosaki, renowned for his book "Rich Dad Poor Dad," forecasted a prime opportunity for wealth accumulation due to crashing real estate markets. In a recent social media post, he declared, “Real estate markets are crashing … The time to make money in your sleep is arriving now.”

  • Key Advice: Kiyosaki emphasized the importance of learning how to make money passively. He shared his Rich Dad's wisdom: “If you don’t learn how to make money in your sleep… you’ll never be rich.”

  • Personal Development: He also advised preparing for tough times by building personal resilience and confidence. Kiyosaki quoted his Rich Dad: “Your life’s journey never gets easier. Your job is to get stronger. Confidence unlocks every opportunity in life.” He urged people to study, attend seminars, change their social circles, and listen to successful individuals.

  • Investment Strategies: Kiyosaki often recommends investing in assets that appreciate during downturns, such as Bitcoin, gold, and silver. He recently warned of a severe financial crash and advised against depending solely on traditional employment. He also cautioned against saving depreciating currencies like the U.S. dollar, which he called “fake” money.

  • Economic Outlook: Kiyosaki discussed the financial situation in America, warning against the government’s strategy of printing more money to compensate for economic demand. He linked this to the rise of AI, which could lead to massive unemployment. He believes this will increase the prices of hard assets like Bitcoin, gold, and silver.

Related: 'Rich Dad Poor Dad' Author Warns of Market Crash, Sees Bitcoin Surge

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This article is not financial advice. Market conditions can change rapidly, and past performance does not guarantee future results