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Michael Saylor, co-founder and chairman of MicroStrategy, made a statement about Bitcoin that resonated with the crypto community. In a tweet, Saylor wrote, “Imagine everything, divided by 21 million,” accompanied by a GIF commemorating Bitcoin Infinity Day on August 21.

Significance of Bitcoin Infinity Day

Bitcoin Infinity Day, celebrated on August 21, is significant for Bitcoin enthusiasts as it serves as a reminder of Bitcoin’s finite supply. The date can be interpreted as 8/21, where “8” represents the infinity symbol (∞) and “21” indicates the total supply of Bitcoin, capped at 21 million coins.

Saylor’s statement underscores one of Bitcoin’s key features: its limited supply. Unlike traditional fiat currencies, Bitcoin’s total supply is fixed at 21 million coins. By stating, “Imagine everything, divided by 21 million,” Saylor emphasizes the scarcity that contributes to Bitcoin’s value proposition.

Bitcoin Derivatives Signal Potential Price Reversal

According to Bloomberg, the Bitcoin derivatives market shows increasing signs of a potential “short squeeze,” which could trigger a significant rally for BTC, as noted by K33 Research. The funding rate for Bitcoin perpetual futures, reflecting market sentiment, suggests a possible bullish reversal for BTC.

As of August 20, the funding rate hit the lowest seven-day average annualized rate since March 2023. The cryptocurrency market has been cautious, with Bitcoin struggling to maintain prices above $60,000.

Recent concerns over potential sales of seized tokens by the U.S. government have negatively impacted Bitcoin prices. Additionally, traders are looking forward to significant comments from Federal Reserve Chair Jerome Powell, which may introduce volatility based on expected interest-rate movements.

At the time of writing, BTC had declined 2.03% in the last 24 hours to $59,492, approximately $14,250 below its all-time high from March.

This article was originally published on U.Today