Michael Saylor Endorses Bitcoin Using Stephen King's 'Shawshank Redemption'

Vocal Bitcoin evangelist, founder and former chief executive of MicroStrategy Michael Saylor has taken to X to endorse Bitcoin in an unusual manner.

Saylor adds his Bitcoin message to movie extract

Unlike his usual images, most likely produced by an AI-powered app, this time, Saylor used a short extract from the classic “Shawshank Redemption” Frank Darabont movie adopted from Stephen King’s novel “Rita Hayworth and Shawshank Redemption.”

In Saylor’s video, Andy Dufresne puts on a gramophone record and, instead of the opera, he starts listening to...Michael Saylor endorsing Bitcoin as the “best crypto asset,” saying that “there is no second best” to Bitcoin. Dufresne turns the volume up to the maximum, and the whole Shawshank prison begins to hear and enjoy Saylor’s Bitcoin message, taken from one of his public interviews.

The tweet that goes with the video extract says “It’s time to break free.”

Bitcoin recaptures $45,000

The world’s flagship cryptocurrency, Bitcoin, has managed to regain $45,000 as all the spot Bitcoin ETF issuers have updated their S-1 forms, pushing all Bitcoin ETF applications to the final stage at the SEC before getting approved.

However, according to Lark Davis, there is “a literal fee war going on.” All the participants are trying to land as many customers as possible, and they are reducing their ETF fees for the first half-year/year or until $1 billion/$5 billion volumes are reached — that is for BlackRock, Galaxy and Ark Invest fees.

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As for the other participants, Fidelity has set its Bitcoin spot ETF fee at 0.39%, WisdomTree at 0.5%, VanEck lowered it to 0.25% and Valkyrie 0.8%. Davis commented that all these Bitcoin ETF fees are much lower than the community expected since all these companies are expecting a great demand for their Bitcoin-based ETF immediately, so they are trying to make their product “as appealing as possible...A wave of capital will flow into Bitcoin. Most likely starting this week.”

Last week, Bitcoin lost the $45,300 level and crashed by 7% after Matrixport published an article, saying that the SEC regulator is unlikely to approve Bitcoin spot ETFs in January and may suspend it until later this year.

Traders started liquidating their positions, wiping approximately $730 million worth of crypto assets off the market, mostly Bitcoin and Ethereum.