The CEO of Microstrategy, Michael Saylor, has announced via Twitter that the entities he controls now hold 111k Bitcoin and have not sold a single Satoshi. Mr. Saylor went on to conclude his Tweet with the phrase ‘Bitcoin Forever’ which demonstrates his commitment to holding the purchased Bitcoin for a very long time. His tweet on Bitcoin can be found below.
Entities I control have now acquired 111,000 #BTC and have not sold a single satoshi. #Bitcoin Forever.
— Michael Saylor (@michael_saylor) May 19, 2021
MicroStrategy Adds 209 Bitcoins, Now Holds 92,076
His comments come less than a day after he announced that MicroStrategy had purchased an additional 209 Bitcoins for $10 million and at an average entry price of $43,663. With this last purchase, MicroStrategy now holds 92,079 Bitcoins acquired for $2.251 Billion and at an average entry of $24,450.
Michael Saylor Already Owns 17,732 Bitcoins
Also worth mentioning is that Michale Saylor had last year declared that he personally owns 17,732 Bitcoins. Doing the math, and adding what MicroStrategy holds, we get 109,811 Bitcoins which is 1,189 shy of the 111k BTC he controls. This in turn could mean that he has added a few more Bitcoins to his own personal stash.
Bitcoin’s ‘Weak Hands’ Keep Selling, Long Term Holders are Accumulating
At the time of writing, Bitcoin is trading at $36k after a gut-wrenching drop to the $30k support zone. The King of Crypto has now depreciated by 38% from Sunday’s peak value of $48k and before speculation grew that Elon Musk had sold Tesla’s Bitcoin holdings.
According to a report by the team at Glassnode, Elon Musk’s Tweets this weekend were a catalyst for weak hands selling their BTC in a panic. However, long term holders are unshaken by the volatility and continue accumulating Bitcoin amidst the fear. They explained the sequence of events as follows.
Elon’s tweets range from claims of negative externalities from energy consumption, to claims that 10x faster and larger blocks on Dogecoin are a viable alternative. Unfortunately, this has lead to widespread confusion in markets, although for many Bitcoin HODLers, this is just another day in the office.
Newer market entrants have panic sold and realised significant loses on their coins…In almost perfect opposition to new entrants panic selling, long term holders appear to be buying the dip and accumulating cheaper coins.