Michael Saylor’s Optimistic Bitcoin Message as BTC Bounces Back Above $54,000
Michael Saylor, a key figure in the MicroStrategy business intelligence firm known for its significant Bitcoin holdings, recently shared an optimistic message with the cryptocurrency community. Saylor’s message coincided with a 4.89% recovery in the price of Bitcoin over the past 24 hours, pulling away from the $53,900 level it had reached on Friday.
In his message, Saylor emphasized Bitcoin’s intrinsic value by stating, “1 BTC = 1 BTC,” amidst the recent market volatility that saw Bitcoin plummet by over 15% between Monday and Friday, resulting in a $10,000 price drop.
Following this turbulent period, Bitcoin showed signs of recovery, experiencing a nearly 5% increase on Friday, climbing from $53,900 to $56,550 at the time of reporting. This price surge occurred alongside the release of the June non-farm payrolls report by the US, which exceeded initial analyst expectations with 206,000 jobs added compared to the anticipated 190,000.
Meanwhile, recent weeks have seen significant Bitcoin movements by governmental and institutional entities. The US and German governments, along with the defunct Mt. Gox exchange, initiated large-scale Bitcoin transfers starting June 19. Collectively, they have moved $1.08 billion worth of Bitcoin, equivalent to 17,778 BTC. Notably, the German government has been consistently selling Bitcoin daily since July 1, as tracked by the Lookonchain smart wallet tracker. Together, these entities now hold a substantial 396,210 BTC valued at approximately $22.78 billion. Specifically, the US government retains 213,297 BTC (worth $11.72 billion), Germany possesses 41,226 BTC (valued at $2.28 billion), and Mt. Gox currently holds 141,687 BTC, amounting to $7.78 billion.
Moreover, Mt. Gox has initiated the repayment of Bitcoin and Bitcoin Cash to investors affected by the 2014 hack. The Bitcoin holdings of governments primarily stem from confiscations related to illicit activities and money laundering. Notably, the US government still holds Bitcoin seized during the closure of the Darknet marketplace Silk Road, operated by Ross Ulbricht over a decade ago before its shutdown in 2013.
