Michael Saylor Indirectly Suggested People Keep Their Belief in Bitcoin (BTC), Instead of Fiat Currencies

Michael Saylor, the former CEO of MicroStrategy, a prominent Bitcoin bull firm, now oversees a company known for its business intelligence services.

MicroStrategy’s former CEO suggests keeping faith in Bitcoin over fiat currencies

Michael Saylor, the former CEO of MicroStrategy, a prominent Bitcoin bull firm, now heads a company that provides business intelligence services. MicroStrategy is known for holding 214,400 Bitcoin (BTC) on its balance sheet.

As we know, over the last 2 days, the trade price of Bitcoin faced a significant downfall because of bearish sentiments in the market.

Bitcoin’s price dropped below $56,000, marking its fourth day of decline. This is part of a larger trend, with over $800 million in bullish crypto bets liquidated across the market, as CoinGlass statistics show, one of the biggest since April.

To bolster the confidence of new Bitcoin investors who are in panic because of the price dump, Michael Saylor tweeted, “1 BTC = 1 BTC.” He emphasised that investors should trust Bitcoin itself, rather than the US dollar, as the superior investment asset.

1 BTC = 1 BTC

In other developments, several government agencies are looking to sell their Bitcoin holdings.

According to Blockchain firm Arkham, the German government transferred a total of 1,300 BTC, valued at around $75.53 million, to Bitstamp, Coinbase, and Kraken. This significant move created high sell pressure in the market, marking one of the largest transfers to centralised exchanges (CEX) in recent times.

Arkham discloses that multiple governments possess substantial Bitcoin holdings, amounting to $17.8bn. US tops with around $12bn, trailed by UK and Germany. El Salvador holds $314mn in Bitcoin. This may influence crypto markets and rul- (1/2)

Also US government & a bankrupt crypto exchange MtGox nearing to sell a big amount of Bitcoin.

Bitcoin price

Bitcoin is currently trading at $56,448, reflecting a 20% decline over the past 30 days. In the last 48 hours, the price has dropped nearly 7%.

Several major analysts have predicted that Bitcoin’s trading price may drop to $50,000 in the coming days.

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