Michael Saylor, the co-founder of MicroStrategy, a business intelligence giant that has become a leader in Bitcoin accumulation over the past four years, addressed the crypto community with an optimistic tweet about Bitcoin. This happened as the world’s leading cryptocurrency saw a 4.89% rebound over the past 24 hours, recovering from the $53,900 mark it hit on Friday.
Saylor’s Message to the Bitcoin Community
Saylor commented on the recent volatility in the Bitcoin market, where the cryptocurrency dropped by more than 15% between Monday and Friday, losing $10,000 in value. He tweeted, “1 Bitcoin = 1 Bitcoin.” Bitcoin started to bounce back on Friday, with its price increasing by around 5%, rising from $53,900 to $56,550 at the time of writing. This recovery coincided with the release of the U.S. non-farm payroll report for June, which showed better-than-expected numbers – 206,000 jobs versus the 190,000 anticipated.
Bitcoin Sales by Governments and Mt Gox
Over the past three weeks, the U.S. and German governments, along with the defunct Mt Gox cryptocurrency exchange, have been selling significant amounts of Bitcoin. These operations began on June 19, and cumulatively, they moved $1.08 billion worth of Bitcoin (equivalent to 17,778 BTC). Since July 1, the German government has been selling Bitcoin daily, according to Lookonchain, a smart wallet tracker.
Currently, these entities collectively hold 396,210 Bitcoins valued at approximately $22.78 billion: the U.S. government holds 213,297 Bitcoins (worth $11.72 billion), Germany retains 41,226 Bitcoins (worth $2.28 billion), and Mt Gox holds 141,687 Bitcoins (worth $7.78 billion). Mt Gox has begun repaying Bitcoin and Bitcoin Cash to investors affected by its 2014 hack.
Read more Bitcoin Price Nears $47,000 Amidst Ongoing Crypto Market Bloodbath
Governments hold Bitcoins seized from illegal operations and money laundering. The U.S. government still retains Bitcoins confiscated during the shutdown of the Darknet Silk Road market, founded and operated by Ross Ulbricht, which was closed in 2013.
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