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Michael Saylor Sends Bullish BTC Message As Bitcoin Recovers from Below $54,000

Sat, 6/07/2024 – 7:07

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Contents

  • Saylor’s message to Bitcoin community
  • US and German governments, Mt Gox selling Bitcoin

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Michael Saylor, co-founder of MicroStrategy business intelligence giant which has become a leader in accumulating Bitcoin over the past four years, making it part of its development strategy, has addressed the crypto community with a bullish BTC tweet.

This happened while the global flagship cryptocurrency staged a 4.89% recovery over the last 24 hours, pushing away from the $53,900 zone it hit on Friday.

Saylor’s message to Bitcoin community

Michael Saylor addressed the global Bitcoin community with a message about Bitcoin’s stability: “1 BTC = 1 BTC.” Thus he commented on the recent roller-coaster demonstrated by the BTC market as Bitcoin crashed by more than 15% between Monday and Friday, shedding $10,000 of its price.

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On Friday, digital gold began to reverse, at least for now, and printed a nearly 5% increase, rising from $53,900 to the $56,550 level where it is changing hands at the time of this writing.

The price increase happened as the US released the June non-farm payrolls report which came out with figures better than expected by analysts initially – 206,000 versus 190,000 expected.

Related

US and German governments, Mt Gox selling Bitcoin

Over the past three weeks, two large entities have been selling staggering amounts of Bitcoin, while the third one has been so far just moving billions of US dollars worth of it.

The US, the German governments and the defunct Mt Gox crypto exchange began transferring Bitcoin on June 19. Cumulatively, they have moved $1.08 Bitcoin, which is 17,778 BTC. Since July 1, the German government has been selling Bitcoin every day, according to the Lookonchain smart wallet tracker. Now, these entities together hold a whopping 396,210 BTC evaluated roughly at $22.78 billion. The US government holds 213,297 BTC( evaluated at $11.72 billion), Germany still owns 41,226 BTC (worth $2.28 billion), while Mt Gox so far holds 141,687 $BTC, which equals $7.78 billion.

Mt Gox has started repaying Bitcoin and Bitcoin Cash to the investors who suffered from its hack in 2014.

The Bitcoin held by the governments was mainly confiscated from illegal operations and money laundering. The US government also still holds Bitcoin seized during the shutdown of the Darknet marketplace Silk Road founded and ran by Ross Ulbricht more than ten years ago until it was shut down in 2013.

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