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Cofounder and chief executive of Binance exchange Changpeng Zhao (often referred to simply as CZ) has published an X post to support founder of MicroStrategy Michael Saylor in the Bitcoin accumulating strategy the company has been following over the past three years.
CZ extends support to Michael Saylor on Bitcoin
CZ shared an X post published by Saylor a day before, in which he showed an immense Bitcoin increase since the start of August 2020, when MicroStrategy began its Bitcoin accumulation.
Per Saylor's tweet, BTC has shown a 214% increase, while gold lost 3% of its value since then. CZ cited numerous Bitcoin haters, from banks and conservative financial institutions such as head of JP Morgan Jamie Dimon, who claim that Bitcoin cannot be a good store of value because it is "too volatile."
MicroStrategy boasts crazy BTC profits
MicroStrategy adopted its Bitcoin strategy three years ago and has been constantly accumulating BTC in fractions since then. Since May of last year, the business intelligence giant run by Saylor has purchased 28,560 BTC (the equivalent of $734 million) at an average price of $25,707.
In October, the company acquired another Bitcoin chunk of 155 BTC, paying a whopping $5.3 million for it. Currently, MicroStrategy holds 158,400 Bitcoin in total, worth a mind-blowing $5,760,295,200.
Recently, it was reported that the business intelligence heavyweight reported an astounding unrealized profit on the BTC it holds – more than $1.1 billion. This news came after Bitcoin began to demonstrate growth, rising from the $34,600 zone and up to the $37,890 peak on Nov. 9.
Since then, Bitcoin has gradually shed nearly 4% of its value, declining twice to $36,240 but currently changing hands at the $36,462 price tag on the Bitstamp exchange.
BlackRock aims at Ethereum ETF after filing for BTC ETF
The aforementioned Bitcoin surge can be attributed to the hopes of the community that, until Nov. 17, the U.S. regulator SEC may finally greenlight Bitcoin spot ETFs. The BlackRock filing would be first, but there are around a dozen ETF filings being considered by the SEC team now, and they include Ark Investment, Fidelity, Grayscale, VanEck and others.
If the regulator does approve a Bitcoin spot ETF after all, this will draw billions of liquidity into Bitcoin, many experts believe. In the meantime, BlackRock has already begun taking steps for launching an Ethereum ETF too, as well as debunking fraudulent rumors that it had filed for an XRP-based ETF. The latter news made XRP crash 12% earlier today.