Quick take:
- Michael Saylor has joked about ‘getting back to work’ at McDonald’s
- Mr. Saylor posted a meme of himself behind the counter of the popular fast-food chain
- Bitcoin has continued on its downward trend losing several support zones from $39k
- Bitcoin has set a local low of $31k as the $32k support level failed due to selling pressure
- Microstrategy execs. had recently discussed the probability of a margin call on its loan if Bitcoin fell below $21k
The CEO of MicroStrategy, Michael Saylor, has joked about ‘getting back to work’ at McDonald’s as Bitcoin continues its downward spiral in the crypto markets. Earlier today, Mr. Saylor Tweeted a meme of himself behind the counter of the popular fast-food chain with a caption that read ‘Monday morning is time to get back to work.’
Monday morning is time to get back to work. #Bitcoin pic.twitter.com/JlufLXRT9W
— Michael Saylor⚡️ (@saylor) May 9, 2022
McDonald’s Bitcoin Memes are Popular During Bear Markets
Michael Saylor’s meme of himself behind the counter of Mcdonald’s and wearing a branded cap is a popular one used by crypto-twitter members to find some humor during times of significant market pullbacks such as the one Bitcoin is undergoing.
Bitcoin Continues on its Downward Spiral, Losing $32k Support and Setting a Local Low of $32k
At the time of writing, Bitcoin is trading at $31,250 after setting a local low of $31k.
Bitcoin has been in a freefall since last week when the US Fed announced a 0.50% increment in interest rates and the beginning of Quantitative tightening as early as June 1st. Before the interest increment announcement by the Fed last Wednesday, May 4th, Bitcoin was trading above $39k. This implies that Bitcoin has lost $8k in value or 20.5% in less than one week.
If the current rate of decline does not slow down, Bitcoin could soon test the $30k and $28k support levels by the end of the week.
MicroStrategy Execs. Had Discussed the Probability of a Margin Call on its Debt if Bitcoin Fell Below $21k
Mr. Saylor’s meme on Tweet comes less than a week after MicroStrategy execs. discussed the possibility of a margin call on its $205 million loan from Silvergate Bank if Bitcoin fell below $21k.
During the conversation, MicroStrategy’s CFO, Phong Le, explained that the company ‘could contribute more Bitcoin to the collateral package, so it never gets there.’