Billionaire Michael Saylor has taken to the X social media network to deny rumors of a massive Bitcoin sale.
Earlier this Friday, the “Walter Bloomberg” account (@DeItaone) reported that Saylor’s Strategy (MSTR) had reduced its Bitcoin holdings by 47,000 BTC, dropping from about 484,000 BTC to 437,000 BTC based on the on-chain data provided by Arkham Intelligence.
This would be a significant sell-off, considering that Saylor previously viewed
Arkham’s data shows the movement of BTC, but it cannot distinguish whether the decrease was due to actual sales, transfers to another wallet, or some internal accounting adjustment. So the “47,000 BTC sold” claim was actually merely inferred from wallet movements.
The key takeaway is that blockchain analytics can show wallet activity, but it doesn’t always reveal intent. Transfers between wallets or custodians could look like a sale.
"Volatility comes with the territory"
During a recent appearance on CNBC, Saylor stressed that Bitcoin investors have to be prepared to handle volatility.
"Strategy is up 71%, equivalent to Nvidia. There's no other stock in the S&P that's done any better. So I think the volatility comes with the territory," he said.
Saylor has also noted that there is an incredible amount of leverage coming out of the system wiht a lot of liquidation. "A lot of the OG holders were selling at the $100,000 level...I'm fairly comfortable at this level. I would think that we'll build from this base and we'll rally from here," the crypto mogul added.
Accelerating purchases
Contrary to recent social media rumors, Saylor claims that the company is accelerating its Bitcoin purchases.
"We are buying. We're buying quite a lot, actually. And we'll actually report our next buys on Monday morning. I think people will be pleasantly surprised. In fact, we've been accelerating our purchases."
Dan Burgin
Vladislav Sopov
U.Today Editorial Team