An ongoing joke and often a topic of memes on social media is having to get a fast food job if the price of cryptocurrencies falls lower.
What Happened: The price of Bitcoin continues to fall Monday, with the cryptocurrency down over 15% in the week to hit the $33,000 level last seen back in July 2021.
Bitcoin bull and MicroStrategy Inc MSTR CEO Michael Saylor shared a meme of himself working at fast food restaurant McDonald’s MCD Monday on Twitter Inc TWTR.
Saylor’s tweet said it was “time to get back to work” with the Bitcoin hashtag.
Many followers of Saylor may remember he tweeted a similar post back in January featuring him inside a McDonald’s restaurant with a logo apron.
“Doin’ whatever it takes since ’92,” Saylor tweeted at the time.
Why It’s Important: For those unfamiliar with MicroStrategy and its early history, McDonald’s plays an important role in the company’s success.
Founded in 1989 by Saylor and MIT roommate Sanju Bansal, MicroStrategy produced software that could find useful information from corporate databases.
In 1992, MicroStrategy landed a $10-million contract from the restaurant company. McDonald’s learned items from the software like how likely certain restaurants were to sell particular items. The restaurant could determine what items were more popular in certain regions of the country and could order and promote items based on demand.
The deal with McDonald’s led to several Fortune 500 customers for MicroStrategy.
The tweet from Saylor comes as MicroStrategy remains one of the bullish companies in terms of betting on the future success of Bitcoin. MicroStrategy has added to its Bitcoin holdings in 2022.
MicroStrategy recently signed up to be the first company to take part in a new offering from Fidelity that allows companies the ability for employees to invest in Bitcoin as part of their 401 (k) retirement plans.
“It is less risky than bonds, stocks, commercial real estate, than gold – it was kind of built for this,” Saylor said of Bitcoin.
Shares of MicroStrategy have fallen recently to coincide with the drop of Bitcoin's price. Saylor also recently said that his company could face a margin call if Bitcoin falls to the $21,000 level.
BTC, MSTR Price Action: Bitcoin is trading down 6.75% to $32,155 over 24 hours.
MicroStrategy shares were 18.95% to $238.48 on Monday, according to Benzinga Pro.
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