Renowned Bitcoin advocate and co-founder of MicroStrategy, Michael Saylor, recently took to Twitter to share his perspective on Bitcoin's sudden dip below the $68,000 price level, seemingly expressing confidence in the cryptocurrency despite the overnight setback.

In a tweet accompanied by an AI-generated image featuring a physical Bitcoin surrounded by bees, Saylor stated, "Bitcoin is a Swarm of Cyber Hornets."

The unexpected decline in Bitcoin's price can be attributed to various macroeconomic factors. Notably, the personal consumption expenditures (PCE) price index saw a modest increase of 0.25% in April, following a 12-month change of 2.75%, marking a three-year low for this metric. Despite aligning with analysts' forecasts, Bitcoin experienced a 2.14% decline over three consecutive red candles, dropping from $68,608 to the $67,712 level. However, a minor rebound occurred today, nudging the largest cryptocurrency upwards.

Meanwhile, major Japan-based cryptocurrency exchange DMM Bitcoin fell victim to a significant hack, resulting in the loss of over $300 million worth of crypto, including 4,502 BTC, to anonymous hackers. According to Chainalysis data, this incident marks the largest hack of a crypto trading platform since 2022 and the seventh-largest in the history of the crypto industry.

Despite these challenges, Saylor's tweet serves as a reminder of his unwavering confidence in Bitcoin's underlying technology and long-term potential, echoing sentiments shared by many within the cryptocurrency community.