Cryptocurrencies

Michael Saylor Delivers Bullish BTC Message as Bitcoin Rebounds From Below $54,000

Michael Saylor, co-founder of the business intelligence firm MicroStrategy, which has become a leader in Bitcoin accumulation over the past four years as part of its development strategy, recently shared an optimistic message with the cryptocurrency community.

This communication coincides with a significant uptick in the price of Bitcoin, which saw a 4.89% recovery in the last 24 hours, moving away from the $53,900 mark that it reached on Friday.

Saylor’s Message to the Bitcoin Community

Saylor conveyed a reassuring message to Bitcoin enthusiasts regarding the cryptocurrency’s stability, stating, "1 BTC = 1 BTC." His remark reflects on the volatile movement of the Bitcoin market, where its value plummeted more than 15% earlier in the week, resulting in a loss of $10,000.

Fortunately, on Friday, Bitcoin began to rebound, achieving an almost 5% increase, climbing from $53,900 to approximately $56,550 at the time of reporting.

This price surge followed the release of the U.S. June non-farm payroll report, which exceeded analysts’ expectations, showing job growth of 206,000 compared to the anticipated 190,000.

Large Bitcoin Sales by Governments and Mt. Gox

In recent weeks, three significant entities, including the U.S. and German governments as well as the defunct Mt. Gox cryptocurrency exchange, have sold or moved large quantities of Bitcoin. Since June 19, they have collectively transferred $1.08 billion worth of Bitcoin, equivalent to 17,778 BTC. The German government has been actively selling its holdings on a daily basis since July 1, as tracked by a smart wallet monitoring tool.

Combined, these entities currently hold about 396,210 BTC, valued at around $22.78 billion. The U.S. government possesses 213,297 BTC, estimated at $11.72 billion, while Germany still owns 41,226 BTC (approximately $2.28 billion), and Mt. Gox retains 141,687 BTC, worth about $7.78 billion.

Mt. Gox has begun repaying investors affected by its 2014 hack.

The Bitcoin retained by these governments primarily stems from illegal operations and money laundering confiscations. Additionally, the U.S. government holds Bitcoin seized from the Silk Road darknet marketplace, which was operated by Ross Ulbricht until its closure in 2013.

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