Bitcoin News

Michael Saylor: CEO of Microstrategy Reveals His Entities Still Hold BTC

  • Entities of Saylor hold a total of 111,000 BTC and none of them have sold a single satoshi.
  • He understands the fact that BTC would play a major role in the finance of the future.
  • ETH drops down 50% of its market within 8 days.

Michael Saylor, CEO of Microstrategy, discloses that entities under his control hold in a total of 111,000 Bitcoin. Besides, none of them have sold a single satoshi on the day when Bitcoin price surged down. 

It was a new 3-month low price of $30,681, which drains out more than $1 billion from Microstrategy’s profit.

In addition, Saylor’s company holds over $2 billion of BTC, moreover, he understands how BTC functions and what would be the role of Bitcoin in the future of finance. More probably, he has become an eminent figure in the Bitcoin community.

Even when other investors, like Elon Musk, have abandoned their plans to purchase $1.5 billion in Bitcoin, Saylor remains steadfast in his determination to hold Bitcoin for as long as it takes.

MicroStrategy was one of the first entities to buy Bitcoin on their balance sheet, and it is widely credited with pioneering the use of Bitcoin as a treasury hedge. They began purchasing BTC at the end of August last year, when it was trading for $10,000.

Further, they didn’t stop purchasing since, they continued buying in cash as well as credit in the form of the company’s senior convertible notes.

Bitcoin Market Surges Down in 24 Hours

The China crypto ban was viewed as the trigger that sparked panic selling among short-term holders. Besides, the market sell-off wipes out more than $500 billion from the crypto market on a red day.

As a result of this huge crash, all exchanges had heavy traffic and nearly all of them were unable to handle the surge. Even Binance, CoinBase, Huobi and Coinmarketcap went down for a shorter period.

Moreover, the crypto market has begun to show signs of growth, with BTC regaining its position above $35,000 after falling to $30,000. Ether, on the other hand, has surpassed $2,500 after losing half of its market value since its all-time high of $4,372 eight days ago.

Recommended for You

Carolyna Mavis

Cryptocurrency and blockchain tech interest has enticed Carolyna to write for NewsCrypto. She made her personal mission to help non-crypto geeks to understand the technology with ease.

Related Articles

Back to top button