Michael Saylor, the founder of MicroStrategy, made the announcement on X. Microstrategy’s form 8-k shows that the BTC acquisition happened between August 21 and September 24.

MicroStrategy has acquired an additional 5,445 BTC for ~$147.3 million at an average price of $27,053 per #bitcoin. As of 9/24/23 @MicroStrategy hodls 158,245 $BTC acquired for ~$4.68 billion at an average price of $29,582 per bitcoin. $MSTR https://t.co/GbJtUoQfXv

— Michael Saylor (@saylor) September 25, 2023

Read Also: Michael Saylor Reveals Why MicroStrategy Sold $11 Million Worth of Bitcoin on December 22

During this time, BTC traded around $26,000. It reached $28,000 briefly on August 29 and dropped to $25,000 on September 11. BTC is trading at $26,368.08, down 0.86% in the last 24 hours. It is also down 1.39% in the past week.

Under Saylor, Microstrategy has continued displaying commitment to Bitcoin. This strategy has garnered praise and criticism but has enabled the company to amass a substantial reserve of BTC, reinforcing its position in the crypto space.

Similarly, between April 29 and June 27, Microstrategy acquired 12,333 BTC at an average cost of $29,668 per BTC, amounting to $347 million. It came after Q1 of this year, which was Microstrategy’s first profitable quarter since 2020. This was due to a one-time income tax benefit, and the company stayed profitable, with a net income of $22.2 million reported in August for Q2.

Remarkably, during this period, the company’s stock price has surged by 200%, and its core business sales have increased by 4% year over year, with subscription services revenue seeing a 42% year-over-year growth.

Read Also: MicroStrategy’s Saylor Urges the SEC to Shut Down Ripple, Says ETH and XRP Are Unregistered Securities

Michael Saylor’s Relationship with Bitcoin

Michael Saylor has been an outspoken advocate for Bitcoin as a store of value and a hedge against inflation. Saylor’s journey into the world of Bitcoin began in August 2020. This was the first time MicroStrategy purchased Bitcoin.

The company has consistently increased its Bitcoin reserves, often leveraging its stock holdings for these acquisitions. Saylor’s strategic vision has given MicroStrategy a substantial Bitcoin reserve and has inspired other corporations and institutions to view cryptocurrencies as strategic assets for their treasuries.

With Microstrategy’s success, more companies are expected to follow its example, and the crypto market could see increased liquidity and mass adoption. Increased liquidity is good news because a veteran analyst has shared his belief that crypto assets need liquidity to grow.

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In a new Bloomberg interview, Michael Saylor, the founder and executive chairman of MicroStrategy predicts the future of cryptocurrencies.

Read Also: Bitcoin (BTC) at $7,000? Bloomberg Strategist Warns of Possible Crash Before Recovery

“Regulators Don’t See a Legitimate Path For Cryptocurrencies”

According to Michael Saylor, the current happenings in the crypto space shows that the SEC does not see a legitimate path for cryptocurrencies other than Bitcoin.

Michael Saylor noted:

“I think it’s pretty clear that the regulators don’t see any legitimate path forward for cryptocurrencies like the stablecoins, crypto securities like the tokens mentioned…

“They don’t have any love for crypto derivatives. They don’t have any love for crypto assets.”

Retailers are Starting to Realize Bitcoin’s Unique Position

Saylor added that the policies currently being imposed by the regulators on cryptocurrency have made Bitcoin unique from the 25,000 other crypto assets in the crypto space.

Consequently, retailers are starting to realize that no cryptocurrency can replace Bitcoin.

“I think there’s been a lot of confusion because of the 25,000 other cryptos and because of all the crypto securities that have been angling to position themselves as the next Bitcoin or a better Bitcoin…

“So now I think that the public is beginning to realize that Bitcoin is the next Bitcoin,” Saylor said

Read Also: Veteran Peter Brandt Calls Traders’ Attention to this Bitcoin Head and Shoulder Pattern: Details

Bitcoin (BTC) to Explode by 1000%

Speaking on Bitcoin’s current invaluable position in the crypto space, Michael said that Bitcoin’s uniqueness would serve as a catalyst that will trigger Bitcoin to explode by 1000% from its current value.

In his words, “The next logical step is for Bitcoin to 10x from here and then 10x again.”

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The lead SEC officer Gary Gensler who has been all-out to achieve crypto regulation through enforcement recently asserted that only Bitcoin, the top-ranked cryptocurrency isn’t regarded as a security.

Notably, he made these claims in a February 23 New York Magazine interview, where the agency’s case against collapsed FTX founder Sam Bankman-Fried was also being discussed. According to him, “everything other than bitcoin” is a potential target as their offerings violate securities law.

As expected, there have been different reactions to these comments from Gensler. While the broader crypto community countered the SEC chairman’s views on alternative coins, Michael Saylor, a BTC maximalist and the founder of Microstrategy — the largest known institutional BTC investor — concurred.

As per a tweet, Saylor stated that all altcoins would be restrained by the SEC in the future. He added that Bitcoin is the only crypto asset that doesn’t fall under the agency’s purview. Recall that Saylor urged the SEC to shut down all altcoins including XRP and ETH in a previous report by Times Tabloid.

He said, “Consensus is building that everything in the crypto industry other than Bitcoin is a security, destined to be regulated by the SEC. This makes BTC the only crypto-asset suitable for use as global money.”

Consensus is building that everything in the #Crypto industry other than #Bitcoin is a security, destined to be regulated by the @SECGov. This makes $BTC the only crypto-asset suitable for use as global money.https://t.co/4XK6wWbz7G

— Michael Saylor (@saylor) February 26, 2023

Crypto Community Reactions

Among those who responded to the latest claims on altcoins included the U.S. attorney representing thousands of XRP holders in the Ripple-SEC case blasted Saylor. According to him, the Microstrategy boss is attempting to lure people into moving their money out of alts to BTC for his benefit.

It’s worth noting that Saylor and his company bought a bunch of BTC during the bull market last year. Deaton implies that their exposure to BTC is the trigger to his mistaken statements. He wrote:

“Not true. Outside of Gary Gensler’s brain and BTC Maxis, there’s no consensus everything other than Bitcoin is a security. There certainly isn’t a consensus within the legal community. Software code is NOT a security. It, like any other asset, can be offered and sold as a security.

Saylor is a  scientist from MIT. He’s a brilliant guy and he knows what he’s saying is not true. It is intended to push a narrative that drives dollars out of alts and into Bitcoin. Considering Mike and MicroStrategy’s bet on Bitcoin, it’s difficult to blame him.”

Not true. Outside of @GaryGensler’s and #BTC Maxis, there’s no consensus everything other than #Bitcoin is a security. There certainly isn’t a consensus w/in the legal community. Software code is NOT a security. It, like any other asset, can be offered and sold as a security. https://t.co/MokmwLr7Ok

— John E Deaton (@JohnEDeaton1) February 27, 2023

Likewise, a fellow United States attorney, Jake Chervinsky noted that the SEC lacks the authority to regulate any cryptocurrency, citing that Gensler’s prejudgment and opinion are not the law.

Chair Gensler may have prejudged that every digital asset aside from bitcoin is a security, but his opinion is not the law. The SEC lacks authority to regulate any of them until and unless it proves its case in court. For each asset, every single one, individually, one at a time.

— Jake Chervinsky (@jchervinsky) February 26, 2023

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In a recent discussion on Twitter, Saylor stated that MicroStrategy as a corporation has the right to enjoy tax benefits through the sale of a portion of his Bitcoin holdings.

Read Also: Billionaire Mark Cuban States the Condition That Can Make Him Buy More Bitcoin (BTC)

Michael Saylor noted:

“Bitcoin is traded as property right now, so that means that you can sell the property, take the capital loss and you have the option to buy property in the future or to have bought it in the past and that’s a different tax basis.

“We have some capital gains that we pay taxes on and then we can have some capital losses in Bitcoin, so by selling the Bitcoin and taking the capital loss, we’re able to use that to offset some capital gains. So it’s very tax efficient for the corporation.”

It can be recalled that in a filing submitted on the 28th of December to the United States Securities and Exchange Commission (SEC), MicroStrategy reported that it sold $11.8 million worth of Bitcoin (BTC) at an average price of approximately $16,776 on December 22nd.

According to the company in the filing, the sale of about 704 BTC is for tax purposes.

“MicroStrategy plans to carry back the capital losses resulting from this transaction against previous capital gains, to the extent such carrybacks are available under the federal income tax laws currently in effect, which may generate a tax benefit.”

Read Also: Crypto Veteran Bobby Lee Predicts When Bitcoin Bear Market Would End. Here’s His Timeline

The firm also shows in the filing that it bought more BTC on the 24th of December than it sold:

“On December 24, 2022, MicroStrategy acquired approximately 810 Bitcoins for approximately $13.6 million in cash, at an average price of approximately $16,845 per Bitcoin, inclusive of fees and expenses.”

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A thousand and one times, the Bitcoin maximalist has publicly stated that altcoins including Cardano (ADA), XRP, and the second-largest cryptocurrency Ethereum (ETH) are unregistered securities and unethical. Recently, Saylor urged the United States securities agency to shut down all altcoins. 

On Wednesday, Michael Saylor took to Twitter to reiterate his claims on the Vitalik Buterin-designed blockchain and crypto asset. This time around, he did not only imply that ETH is unstable and inefficient, but the Microstrategy founder also added that the Ethereum blockchain has a weak design, supporting Matthew Kratter’s claims that ETH is at risk of a catastrophic implosion like Do Kwon’s Terra (LUNA). 

“Bitcoin is engineered to be stable, robust, and increasingly secure & efficient over time based on Proof of Work and ASIC technology advances. Proof of Stake protocols are inherently unstable, inefficient, opaque, and risky due to their fragile design,” Saylor said. 

#Bitcoin is engineered to be stable, robust, and increasingly secure & efficient over time based on Proof of Work and ASIC technology advances. Proof of Stake protocols are inherently unstable, inefficient, opaque, and risky due to their fragile design. https://t.co/j9FWNIH3MP pic.twitter.com/ZVq086tvfw

— Michael Saylor (@saylor) December 14, 2022

Read Also: Michael Saylor Slammed By Vitalik Buterin and John Deaton For Saying Altcoins are Securities and Unethical

Could ETH Crash Like LUNA?

The most prominent smart contract platform, the Ethereum blockchain, transitioned from Proof of Work to Proof of Stake in September following the Merge upgrade. Consequently, ETH staking was enabled on the blockchain as the network parted ways with mining. 

Data from the Staking Rewards platform show that approximately 16,534,031.24 Ether worth $21,286,407,835 are staked on the network, at the time of writing. Worthy of note is that users cannot unstake their Ether assets as Ethereum developers plan to enable staked ETH withdrawals in March 2023. 

It is on these facts that Matthew R. Kratter, another BTC maximalist likens the Ethereum network’s current status to the collapsed Terra (LUNA) and BlockFi projects. He stated that proof-of-stake blockchains are fragile, citing that the Ethereum blockchain could record a Terra-like meltdown. 

According to him, several factors like the Feds policy and the SEC’s quest to regulate the nascent industry through enforcement could trigger another 50% ETH crash to $660. Furthermore, Kratter mentioned in the Youtube video that if this happens and then the withdrawal of staked ETH is enabled, users may not hesitate to unstake their assets, which could lead to aggressive dumping of ETH in the crypto market. 

Read Also: MicroStrategy CEO Michael Saylor Explains Why He Believes Ethereum (ETH) Is a Security

In the video’s description, he wrote, “the lower Ethereum’s price falls, the more people will choose to unstake their coins, which further erodes Ethereum’s security and could lead to a death spiral. Regulators need to look into whether proof of stake protocols like Ethereum and Cardano are at risk of catastrophic implosions like Terra Luna.”Oi

“Institutional investors need to be able to explain to their LPs how and why their investment in ETH won’t end as badly as Terra Luna,” Matthew Krater added.

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According to Saylor, Bitcoin (BTC) is the only ethical commodity while all other altcoins including XRP and Ethereum (ETH) are unregistered securities.

Whereas Brad Garlinghouse and the entire Ripple team are hoping for a favorable ruling in their longstanding XRP lawsuit with the SEC, Michael Saylor noted that Ripple should be shut down by the regulators. 

The Microstrategy founder, who holds the same views for Ethereum (ETH) stressed that XRP is an unregistered security and not a commodity. He further implied that XRP is not decentralized given that the token has an issuer, which is Ripple, the San Francisco-based cross-border payment firm.  

Read Also: Brad Garlinghouse States What Would Make Ripple Accept Settlement in XRP Lawsuit

Michael Saylor also noted that Ripple issued XRP tokens to investors as an unregistered security and correspondingly violated the securities law. This goes in line with the SEC’s argument in the court battle with Ripple. However, the crypto solutions company has received support from several third parties and crypto entities like Coinbase, in the XRP lawsuit. 

Additionally, he said that both XRP and Ethereum (ETH) are ‘unethical’. In buttressing this point, the Microstrategy founder cited that about $20 billion worth of ETH tokens is currently locked up in the Ethereum staking contract by investors. According to him, many investors may never get their funds back. 

“If a bank took $20B of your assets, froze the window, and said you can’t have your money back ever. Maybe in 2024, but we’re not sure. We may give you interest in it. We may take it all. We may slash it. That’s the definition of security, right? It’s an investment of money in a common enterprise, you know, relying upon the efforts of others with an expectation of profit,” he stated.

Read Also: Ripple CTO, Cardano Creator, and John Deaton Discuss the Impact of Ethereum Free Pass on XRP Lawsuit

Responding to a question from the PBD Podcast host, Patrick Bet-David about the Ripple-SEC case and why Gary Gensler is only attacking XRP and not ETH, Saylor said; 

“Ripple [XRP] is an unregistered security. It’s pretty obvious. The company owns a bunch of it, and they sell it to the general public, but they never took the company public. There are no disclosures. Just like Ethereum (ETH); it’s an unregistered security. It is controlled by a few people in the Ethereum Foundation and Consensus. Just like FTT, Solana (SOL); they are all unregistered securities.” 

“I think the best thing for the world would be if the SEC pretty much shut down all of it [altcoins]. It’s all unethical,” he concluded.

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In a viral tweet on the 20th of November, CZ Binance reiterated his stance on the future of Bitcoin (BTC), the largest cryptocurrency by market capitalization.

Read Also: CZ Binance Confirms Upcoming Collaboration with Vitalik Buterin to Develop Proof-of-Reserves Protocol

According to CZ, despite the panic initiated by the implosion of FTX exchange, which resulted in the massive crash of crypto markets, Bitcoin is still alive.

CZ Binance tweeted, “Bitcoin is not dead. We are still here.”

#bitcoin is not dead. We are still here.

— CZ Binance (@cz_binance) November 20, 2022

As expected, the tweet was greeted with tons of responses by the crypto community members. A number of crypto big guns, including MicroStrategy founder Michael Saylor, also shared their opinions regarding the current situation in the market.

According to Saylor, the flagship cryptocurrency is meant to exist forever, believing that it’s the foundation upon which a better world will be built.

Michael Saylor wrote, “Bitcoin is an immortal, indestructible, incorruptible foundation upon which to build a better world.”

#Bitcoin is an immortal, indestructible, incorruptible foundation upon which to build a better world.

— Michael Saylor (@saylor) November 20, 2022

John Deaton, the lawyer of over 75,000 XRP holders, also said, “We must view this as a very painful but necessary cleansing. A leader once said: “Time to build.”

We must view this as a very painful but necessary cleansing. A leader once said: “Time to build.”

— John E Deaton (@JohnEDeaton1) November 20, 2022

Read Also: CZ Binance States One Catalyst to Boost Global Adoption of Crypto

The recent collapse of the FTX exchange made many investors lose assets worth billions of dollars. This is similar to the implosion of Terra blockchain, which broadly affected Three Arrows Capital (3AC), Celsius, Voyager, and many other crypto-related firms.

Despite the negative effect of the implosion, Binance CEO believes that the market will bounce back as always. He has also been making a lot of effort to put the situation under control. For instance, Binance has introduced an Industry Recovery Fund to revitalize reputable crypto projects facing liquidity crises.

In the tweet where CZ introduced the funding, he said, “Crypto is not going anywhere. We’re still here. Let’s rebuild”

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On Tuesday, Michael Saylor, the founder and Executive Chairman of Microstrategy, announced that the crypto-friendly institution has taken advantage of the market dip to amass a large amount of Bitcoin (BTC), the leading crypto asset by market value. 

The update revealed that the largest-known institutional holder of Bitcoin (BTC) purchased 301 bitcoins worth approximately $6 million in cash at an average price of $19,851 on Monday. To note, this amount is inclusive of fees and expenses. It is also said that the institution purchased these tokens with excess cash. 

“MicroStrategy has purchased an additional 301 bitcoins for ~$6.0 million at an average price of ~$19,851 per bitcoin. As of 9/19/22, MicroStrategy holds ~130,000 bitcoins acquired for ~$3.98 billion at an average price of ~$30,639 per bitcoin,” Micheal Saylor wrote.

MicroStrategy has purchased an additional 301 bitcoins for ~$6.0 million at an average price of ~$19,851 per #bitcoin. As of 9/19/22 @MicroStrategy holds ~130,000 bitcoins acquired for ~$3.98 billion at an average price of ~$30,639 per bitcoin.https://t.co/5kYW98ij4I

— Michael Saylor (@saylor) September 20, 2022

Read Also: Michael Saylor Explains Why Getting into Bitcoin (BTC) Was the Right Decision for MicroStrategy

This latest accumulation has drastically increased Micheal Saylor’s Microstrategy bitcoin balance. According to a Tuesday filing, “as of September 19, 2022, MicroStrategy, together with its subsidiaries, held an aggregate of approximately 130,000 bitcoins, which were acquired at an aggregate purchase price of approximately $3.98 billion and an average purchase price of approximately $30,639 per bitcoin, inclusive of fees and expenses.”

Related: Michael Saylor: Bitcoin (BTC) Made MicroStrategy’s Balance Sheet Swell by Billions of Dollars

In the previous week, Micheal Saylor disclosed that his company’s stock price has appreciated by 67% ever since Microstrategy Incorporated adopted the Bitcoin standard. 

Since @MicroStrategy adopted the #Bitcoin Standard:

MSTR +67%, BTC +65%, GOOG +39%, AAPL +34%, ORCL +25%, MSFT +18%, S&P 500 +15%, IBM +5%, NASDAQ +4%, GOLD -17%, BOND -18%, AMZN -22%, CRM -23%, SILVER -32%, META -44%, SAP -47%, NFLX -50%

— Michael Saylor (@saylor) September 17, 2022

In response, Peter Schiff said, “Yes, the $MSTR stock price has gone up despite your foolish, and money-losing gamble on #Bitcoin. That’s why shareholders should sell now. MSTR is in a massive bubble. Not only will the share price crash, but the company may even go bankrupt.”

“Basically your company has already lost about $1.5 billion (40%) on your Bitcoin gamble. However, if you actually tried to sell, Bitcoin would crash, sending realized losses much higher. MSTR’s foray into Bitcoin has been a disaster. Shareholders should sell while they can,” he said in another tweet. 

Basically your company has already lost about $1.5 billion (40%) on your #Bitcoin gamble. However, if you actually tried to sell, Bitcoin would crash, sending realized losses much higher. #MSTR's foray into Bitcoin has been a disaster. Shareholders should sell while they can.

— Peter Schiff (@PeterSchiff) September 20, 2022

Although the institution’s constant BTC accumulation has received lots of criticism from top figures like Peter Schiff, the Chief Economist and global strategist at Europac, Micheal Saylor remains bullish on Bitcoin (BTC). On the other hand, some opine that the Microstrategy could print billions of dollars in the next bull cycle from their crypto holdings.

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According to a recent update, a whale action capable of intensifying the crypto market downtrend has been spotted. Over 200,000 units of Bitcoin (BTC) have been transferred from one of the largest holders of the number one crypto asset to exchanges. 

“One of the biggest #Bitcoin whales with over 200K+ $BTC sent ALL of their coins to exchanges,” Crypto Vinco, who describes himself as a crypto whale, tweeted on Monday. 

Read Also: Michael Saylor Explains Why Getting into Bitcoin (BTC) Was the Right Decision for MicroStrategy

Could This Be Michael Saylor? 

The assumption surrounding this recent and large volume of crypto movement mentions Michael Saylor’s MicroStrategy as the whale address in question. 

While the MicroStrategy Founder and former CEO is yet to respond to these claims, the popular Bitcoin investor, and crypto proponent has often presented himself as a diamond hand.

Earlier this year, he confirmed that he is investing in crypto for the long term. In his words, “we’re in here for the long term. Bitcoin is going to outlast all of us. I’m quite sure of that.”

Read More: MicroStrategy CEO: We’re In Here for the Long Term, Bitcoin (BTC) Is Going to Outclass All of Us

The Twitter user who reported the over 200k Bitcoin (BTC) movement remarked, “I’m 99% certain this is Michael Saylor’s Bitcoin address, and they’re planning to sell everything. When he soon sells, expect a bloodbath to the likes we’ve never seen ever before.”

One of the biggest #Bitcoin whales with over 200K+ $BTC sent ALL of their coins to exchanges.

I'm 99% certain this is Michael Saylor's Bitcoin address, and they're planning to sell everything.

When he soon sells, expect a bloodbath to the likes we've never seen ever before. pic.twitter.com/vx643TPAyg

— CryptoVinco (@CryptoVinco) September 5, 2022

It is worth noting that MicroStrategy is among the early institutions to embrace and also invest in Bitcoin. The company has always added BTC to its balance sheet in huge volumes as they believe it is the future of finance. Also, Microstrategy is the largest known institutional Bitcoin (BTC) holder.

Bitcoin (BTC) Outlook

In recent months, BTC has not recorded a substantial rally as investors expect to see. More so, a decline has been seen in the market capitalization of the leader of cryptocurrencies as the bear season hangs over. 

At the time of writing, BTC is trading for $19,769, according to Coinmarketcap data. Should more than 200,000 BTC be dumped, then more decline could be seen in the overall crypto market.

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The post A Bitcoin Whale Moved Over 200,000 BTC To Exchanges. Could This Be Michael Saylor? appeared first on Times Tabloid.

In an interview with Cambone shared on YouTube about three days ago, Saylor said the majority of those criticizing his company’s decision to acquire Bitcoin (BTC) in thousands are those who don’t understand the asset class at all. He said they hate volatility and prefer to keep their money in a bank where it yields 1% interest.

Read Also: Michael Saylor Slammed By Vitalik Buterin and John Deaton For Saying Altcoins are Securities and Unethical

Michael Saylor noted:

“Conventional critics and conventional mainstream analysts, they don’t get the crypto economy, they don’t understand Bitcoin, and they hate volatility. And those are the people that would tell you ‘take all your money, put it in a bank account yielding 1% interest, just don’t lose it, and don’t bother us’.”

Saylor continued by saying that MicroStrategy adopted Bitcoin (BTC) investment because they knew that money held in a bank account loses 20% of its purchasing power per year. He said this is caused by the continued paper money printing by Federal Reserve.

“But when we embraced the Bitcoin strategy, we knew that if we held our cash in a bank account, it was going to lose 20% of its purchasing power per year, and it has as predicted. The money supply expanded by 40%: single-family homes in the U.S. have increased in price by 40%. If you had 500 million dollars, it would have bought you 40% less today than it would have bought you two years ago.”

Saylor said when MicroStrategy decided to acquire Bitcoin (BTC), it was like getting into a lifeboat in a storming sea to save their shareholders. Although they got tossed around in the sea, “we’re going to float and we’re going to appreciate over time.”

Read Also: MicroStrategy CEO Michael Saylor: “I Will Be Buying Bitcoin (BTC) At the Top Forever”

MicroStrategy Has Not Sold Any Bitcoin (BTC)

Saylor disclosed that he started acquiring Bitcoin (BTC) when it was trading between $9,000 and $10,000, and none of the stashed assets has been sold.

He said his least investment timeframe is 2 years, which is why Bitcoin is the best choice for him and his company.

“If you’re a short time horizon person and you want to look at making a trade in the past three months or six months, just about everything you could have bought in the world in the past six months is a losing trade if you have a short enough time frame, but if you have a two-year time frame, Bitcoin’s winning.

“It’s winning over four years. It’s winning over six years. It’s winning over eight years. And I just like to be in business more than two years from now. So that’s why we did it,” Michael Saylor stated.

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