As a seasoned crypto investor with over a decade of experience in this volatile market, I have learned to take speculations with a grain of salt and rely on solid evidence when making investment decisions. While Whale Panda’s theory about Michael Saylor’s influence on Bitcoin’s recovery is intriguing, I prefer to base my analysis on facts and figures.
Known crypto expert Whale Panda lately implied that it was MicroStrategy’s co-founder, Michael Saylor, who may have contributed significantly to the quick market rebound.
On Thursdays, the Bitcoin price nearly regained the $63,000 mark, surprising many, as it had dipped below $50,000 earlier. This sudden significant increase in value caused a swift change in sentiment, with Bitcoin quickly moving back into a neutral zone within a short period.
Whale Panda speculates that it might have been Saylor who caused a substantial increase in Bitcoin’s price by purchasing approximately 2 billion dollars’ worth of Bitcoin at once.
Despite the common belief, Blockstream CEO Adam Back, a prominent Bitcoin advocate, disagrees. In his view, the approval for the $2 billion market sale does not necessarily mean Bitcoin will drop in value. He clarified that during November and December of 2023, they sold approximately $30 million per day or around $600 million monthly. These sales were detailed along with BTC purchase details at the end of each month.
Last week, a Virginia-based business intelligence firm declared plans to offload approximately $2 billion in shares to boost its Bitcoin investments. Yet, they didn’t specify a specific timeframe for these share sales. It seems MicroStrategy hasn’t yet secured new funds that would facilitate their Bitcoin acquisitions.
According to a report from U.Today, Saylor’s company is set to keep increasing its cryptocurrency holdings through multiple methods. Moreover, as per Bloomberg, Saylor personally owns over a billion dollars’ worth of Bitcoin.
Real reason behind Bitcoin’s surge
As reported by financial titan JPMorgan, the recent revival of Bitcoin can be attributed to the robustness shown by institutional investors. Notably, there was minimal risk aversion observed in the CME futures market. On the other hand, BlackRock’s IBIT saw a surge in inflows on Thursday.
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2024-08-09 18:29