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MicroStrategy CEO Reveals Entities Under Him Hold 111,000 BTC and None Have Sold

MicroStrategy CEO Reveals Entities Under Him Hold 111,000 BTC and None Have Sold
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Michael Saylor, CEO of MicroStrategy has revealed that entities under his control hold a total of 111,000 Bitcoin and none of them have sold a single Satoshi on a day when Bitcoin price fell to a new 3-moths low of $30,681 wiping off more than $1 billion from MicroStrategy’s Bitcoin holding profits.

Saylor has become a prominent figure in the Bitcoin community not just because his company has bought over $2 billion in Bitcoin, but the fact that he understands the functioning of BTC and what role it would play in the future of finance. Even when the likes of Elon Musk have left the boat within a quarter of buying $1.5 billion worth of BTC, Saylor continues to stay firm on his stance of holding Bitcoin for as long as it takes.

MicroStrategy was among the first institutions to buy Bitcoin on their balance sheet and is often credited for pioneering the use of Bitcoin as a treasury hedge. They started buying Bitcoin at the end of August last year when BTC was trading just above $10,000 and they haven’t stopped since then, making purchases in cash as well as credit in the form of the company’s senior convertible notes.

Bitcoin Market Losses $500 Billion Plus in 24-Hours

The China crypto ban was seen as the trigger that started panic selling among short-term holders, but the market sell-off intensified today leading to more than $500 billion getting wiped out of the crypto market on a red day. The massive correction lead to heavy traffic on all the exchanges and nearly all of them failed to handle the surge as Binance, Coinbase, Huobi, and even Coinmarketcap went down for a brief period of time.

Crypto bloodbath
Source: quantifycrypto

The crypto market has started to show signs of recovery as BTC strengthened its position above $35,000 after falling to near $30,000. Ether on the other hand has also topped $2,500 after losing 50% of its market from its ATH of $4,372 registered 8 days back.

The post MicroStrategy CEO Reveals Entities Under Him Hold 111,000 BTC and None Have Sold appeared first on Coingape.

 

Source: Coingape

 

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