Michael Saylor, the co-founder and Chairman of American business intelligence and software firm MicroStrategy has revealed his Bitcoin (BTC) holdings. Saylor made this revelation earlier today, confirming previous speculations regarding his personal BTC bets.
Michael Saylor and Bitcoin
While it is not surprising that Michael Saylor has Bitcoin holdings, the size of the investments comes as a shock. For context, Saylor allegedly revealed that he owns more than $1 billion in Bitcoin. To many in the industry, the majority of his focus is hinged on MicroStrategy which has continued to accumulate Bitcoin.
However, it turns out that he also has his interest at heart as much as he has that of his business intelligence software company.
For many years, the focus rested on MicroStrategy’s Bitcoin accumulation spree. Under Michael Saylor’s leadership, the firm began to acquire BTC in 2020 just after the global Covid-19 pandemic hit. Four years down the line, the firm has successfully acquired a total of 226,500 Bitcoin units as of July 30. Based on today’s price, this entire stash is worth around $12.7 billion. Therefore, Saylor’s personal Bitcoin holding corresponds with about 10% of MicroStrategy’s stash.
This Michael Saylor update is coming at a time when the broader digital currency ecosystem is recording intense BTC adoption. From spot Bitcoin ETF products to US political landscape, the focus on BTC is growing at a very fast pace.
Japan Exercise Caution in Approving Bitcoin ETFs
Considering how much Bitcoin has improved since the United States Securities and Exchange Commission (SEC) approved the offering, many other regions are vying for such cryptocurrency products. Shortly after the SEC gave its greenlight in January, Hong Kong and Australia have gone ahead to launch similar product in their region.
Currently, investors in Japan are pushing for the same crypto products but their regulator has some concerns. Japan’s Financial Services Agency highlighted the need to tread with caution win reference to the approval of spot crypto ETF products in the Asian country.
Earlier today, Commissioner of the Financial Services Agency Hideki Ito emphasized the need to reconsider before following in the footsteps of nations like the United States, Hong Kong, Australia, and the United Kingdom, which have recently given the green light to such investment products.
Read More: Japan’s Top Finance Regulator Turns Cautious On Bitcoin ETF Approvals
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter, Linkedin
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
‘Intent to personally support Dogecoin’ Elon Musk says, as DOGE drops 15% AMBCrypto News
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‘Intent to personally support Dogecoin’ Elon Musk says, as DOGE drops 15% AMBCrypto News
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Elon Musk has been hyping cryptocurrencies for years, especially the meme crypto, dogecoin, which often spikes on his comments, but on Tuesday the world’s richest man reversed course, saying he never recommended anyone buy cryptocurrencies. His comments came, of course, after a brutal second round of selloffs during the “crypto winter” of 2022.
“I have never said that people should invest in crypto,” Musk said in an interview with Bloomberg at the Qatar Economic Forum on Tuesday.
There is one particular crypto he likes, he clarified.
“I intend to personally support dogecoin because I just know a lot of people who are not that wealthy who have encouraged me to buy and support dogecoin, so I’m responding to those people,” Musk said during at the Qatar Economic Forum on Tuesday.
Last year, Musk branded himself the “dogefather” in a reference to the coin, and he said on Tuesday that people who work around factories at his companies SpaceX and Tesla have asked him to support it.
Musk reiterated that Tesla supports dogecoin for some merchandise and that SpaceX will soon do the same.
Among Musk’s many crypto-related tweets in the past year, he’s posted about setting up a dogecoin mining rig with his kids and said that “SpaceX is going to put a literal dogecoin on the literal moon.”
In advance of Musk’s appearance on Saturday Night Live last year, dogecoin reached a record high of 73 cents as fans of the cryptocurrency speculated that he might mention the crypto during the show. After he called the cryptocurrency a “hustle” during the show, dogecoin fell about 30%.
Despite it being down 64% year to date, any mention of dogecoin by Musk has been known to correlate with a jump in the cryptocurrency’s price, and Tuesday was no exception. Following Bloomberg’s interview with him, dogecoin jumped about 11%, trading at 0.067 cents as of Tuesday afternoon.
On Sunday, Musk tweeted “I will keep supporting Dogecoin” to his 99 million followers, garnering more than 300,000 likes. Just minutes later, one Twitter user replied to Musk’s tweet saying “keep buying it then,” to which Musk replied that he was. Musk’s tweets correlated with an 11.7% increase in dogecoin’s price starting at around 2 a.m. on Sunday.
While the two most popular cryptocurrencies, Bitcoin and Ether, have struggled over the past week as a broad selloff erased trillions of dollars from the crypto market, dogecoin has jumped in value. While Bitcoin and Ether are down 5.3% and 5.42% respectively over the past seven days, dogecoin is up 21%, according to CoinMarketCap.
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