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Michael Saylor Reacts as Bitcoin Surges 5%, Reaching $57,660

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Mon, 8/07/2024 - 13:54
Michael Saylor Reacts as Bitcoin Surges 5%, Reaching $57,660
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Michael Saylor, prominent Bitcoin supporter and executive chairman of MicroStrategy business intelligence behemoth, has made a BTC maximalist statement about the ability of Bitcoin to be transported anywhere in the world, including the graveyard, apparently.

This coincided with Bitcoin first plummeting in the last 24 hours and then recovering its losses today as BTC printed a $1,000 green candle. That impressive rise was followed by a 1.5% decline and Bitcoin shedding around $800. The world’s largest cryptocurrency is changing hands at $57,140 at the time of writing.

Related

Michael Saylor issues BTC statement

Michael Saylor commented on Bitcoin’s feature of being easily transported in large amounts anywhere, unlike physical gold or cash. He wrote in his tweet: “They say you can't take it with you. They were right—until #Bitcoin.”

Digital Asset Manager CEO Eric Weiss commented on Saylor’s tweet, agreeing with the vocal Bitcoin evangelist. Weiss voiced what Saylor chose not to mention: "Bitcoin is the only true 'bearer asset' ever. You can literally take it to the grave."

Related

German Bitcoin sales continue

A smart whale tracker on the X social media platform, Lookonchain, has spotted a new Bitcoin sale made by the German government. The assets were moved to the Coinbase and Bitstamp exchanges earlier today. 

According to the source, the government transferred 1,000 BTC in total (the equivalent of $55.8 million), and half of that sum in Bitcoin went to the aforementioned cryptocurrency trading platforms.

Yesterday, Bitcoiner and JAN3 boss Samson Mow tweeted that he does not believe that the current Bitcoin correction was triggered by natural causes. He pointed out that the Bitcoin sales made by the German and the U.S. governments and then the Bitcoin transfers initiated by the defunct Mt. Gox exchange unleashed their effects on the market at practically the same time, dumping large amounts of BTC on the market and artificially pushing the asset’s price down deep.

However, in a tweet published later on Sunday, he recommended that the community not fixate on the Mt. Gox Bitcoin transactions but rather begin stacking Sats since the “Bitcoin supply is constrained, constantly decreasing, and demand is increasing.” Mow added that Mt. Gox coins are, as of now, just being transferred and are likely being redistributed, not sold.

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