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Michael Saylor Sends Bullish Message on BTC as Bitcoin Recovers from Below $54K
Yuri Molchan
Bitcoin evangelist Michael Saylor issued a bullish statement as BTC began to recover from Friday’s decline
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Michael Saylorco-founder of business intelligence giant MicroStrategy, which has become a leader in Bitcoin accumulation over the past four years, including it in its development strategy, addressed the cryptocurrency community with a bullish tweet about BTC.
This came as the world’s leading cryptocurrency rallied 4.89% in the past 24 hours, moving away from the $53,900 zone touched on Friday.
Saylor’s Message to the Bitcoin Community
Michael Saylor addressed the global Bitcoin community with a message on The Stability of Bitcoin: “1 BTC = 1 BTC.” That was his commentary on the recent rollercoaster ride the BTC market has been going through, with Bitcoin dropping more than 15% between Monday and Friday, shedding $10,000 of its price.
On Friday, digital gold began to reverse course, at least for now, and has seen a rise of almost 5%, moving from $53,900 to $56,550, where it sits at the time of writing.
The price increase coincided with the release of the June U.S. nonfarm payrolls report, which came in better than analysts had initially expected: 206,000 versus the 190,000 forecast.
US and German governments, Mt Gox sell Bitcoin
In the last three weeks, two large entities have sold massive amounts of Bitcoin, while the third has so far moved only billions of dollars.
The United States, German governments, and defunct cryptocurrency exchange Mt Gox began moving Bitcoin on June 19. Together, they have moved $1.08 billion in Bitcoin, or 17,778 BTC. Since July 1, the German government has sold Bitcoin every day, according to smart wallet tracker Lookonchain. These entities now hold a combined 396,210 BTC, valued at approximately $22.78 billion. The U.S. government holds 213,297 BTC (valued at $11.72 billion), Germany still holds 41,226 BTC (valued at $2.28 billion), while Mt Gox so far holds 141,687 BTC, or $7.78 billion.
Mt Gox has started refunding Bitcoin and Bitcoin Cash to investors who suffered from the 2014 hack.
Government-held Bitcoins have been confiscated primarily from illegal operations and money laundering. The U.S. government still holds Bitcoins seized during the shutdown of the Darknet marketplace Silk Road founded and operated by Ross Ulbricht over 10 years ago until its shutdown in 2013.
About the author
Yuri Molchan
Yuri is interested in technology and technical innovations. He has been writing about DLT and cryptocurrencies since 2017. He believes that blockchain and cryptocurrencies have the potential to transform the world in the future in many ways. He has written for several media outlets about cryptocurrencies. His articles have been cited by crypto influencers such as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.