[Bitcoin Now] Dropping to 70 Million Won Range... More Advocates Entering the Cryptocurrency Market

MicroStrategy's Bitcoin Holdings Increase to 121,044
Jack Dorsey Steps Down as Twitter CEO... Expected to Actively Participate in Cryptocurrency Market

[Asia Economy Reporter Gong Byung-sun] The leading cryptocurrency Bitcoin has fallen to the 70 million KRW range. Nevertheless, cryptocurrency advocates are diving deeper into the crypto market.

According to the domestic cryptocurrency exchange Upbit, as of 2:28 PM, Bitcoin recorded 70.8 million KRW, down 1.99% from the previous day. Although it rebounded to 73.16 million KRW the day before, it is bearish again. On the 26th, due to the shock of the new COVID-19 variant 'Omicron,' Bitcoin fell by 6.32%, dropping below the 70 million KRW mark.

Nonetheless, prominent cryptocurrency advocates are immersing themselves further into the crypto market. According to cryptocurrency specialized media Coindesk on the 29th (local time), MicroStrategy, the private company holding the most Bitcoins, has purchased 7,002 Bitcoins since October for $414 million USD (approximately 492.1 billion KRW). Currently, MicroStrategy holds 121,044 Bitcoins with an average purchase price of about $29,534 USD. This means they have achieved roughly a 100% return solely from Bitcoin.

On the same day, Michael Saylor, CEO of MicroStrategy and a cryptocurrency advocate, stated on Twitter, "Bitcoin does not falter," and "The price will eventually rise," defending the cryptocurrency.

Jack Dorsey, CEO of Twitter, is deep in thought at the Twitter 13th Anniversary Press Conference held on the 22nd at the Shilla Hotel State Guesthouse in Jung-gu, Seoul. Photo by Moon Honam munonam@

Another cryptocurrency advocate, Jack Dorsey, CEO of Twitter, is also expected to dedicate himself more to the crypto market. On the 29th, Jack Dorsey announced on Twitter, "I am leaving Twitter," adding, "Founder-centric companies have limitations and can be part of failure." Although he did not explicitly mention it, he has not relinquished his CEO position at Square, the electronic payment company that has ventured into cryptocurrency business. This is why there is speculation that he will put more effort into the cryptocurrency market going forward.

Previously, CEO Dorsey has actively entered the cryptocurrency market across various fields. In August, he revealed on Twitter that he was "attempting Bitcoin mining with Compass Mining." Compass Mining is a cryptocurrency mining hardware manufacturer. Additionally, Square has been providing cryptocurrency trading services since 2018 and purchased $170 million USD worth of Bitcoin in February this year.