Bitcoin proponent and cofounder of MicroStrategy Michael Saylor has issued a cryptic Bitcoin message to the global community.
He took to his X (formerly Twitter platform) account to address Bitcoiners around the world, as the leading global cryptocurrency has attempted to recover after its 3.2% decline in the past 24 hours.
Saylor's message of "Bitcoin power"
The MicroStrategy co-creator, its former CEO and current executive chairman, who is focused on the company’s Bitcoin strategy, published an AI-generated image that features a pair of scales with an image of a physical BTC coin in both pans. “Bitcoin is the ₿alance of Power,” Saylor’s message says.
#Bitcoin is the ₿alance of Power. pic.twitter.com/GS44HV6q5Y
— Michael Saylor⚡️ (@saylor) July 10, 2024
As usual, Saylor did not go into detail to explain to his millions of followers on the X platform what exactly he means by his cryptic Bitcoin statements. However, the commentators seem to be catching the meaning in their own way. This time, many commentators showed their solidarity with Michael Saylor in their responses.
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German Bitcoin selling spree continues
In the meantime, the German government continues dumping its Bitcoin holdings on the crypto market.
According to the recent update published by the Spotonchain analytics account, over the last 24 hours, the government of Germany has sold a staggering half a billion in U.S. dollars worth of Bitcoin – approximately $496 million of crypto.
That included the government’s moving of $637 million Bitcoin to centralized exchanges that operate in Europe, including Bitstamp and Coinbase. The price they sold this BTC at was roughly $58,659.
In the past 16 hours, the German government might have sold up to $496M worth of $BTC, including:• moving out 10,853 $BTC ($637M) at ~$58,659;• receiving back 2,442 $BTC ($141M) at ~57,560.Currently, they only have 15,552 $BTC ($894M) left, ~31% of the original amount… https://t.co/kjgTa5R2T9 pic.twitter.com/33VePLSHXG
— Spot On Chain (@spotonchain) July 11, 2024
However, after sending this tremendous amount of crypto to exchanges, the government then bought back approximately 2,442 BTC. That is the equivalent of $141 million purchased at roughly $57,560 per coin. Spotonchain reports that at the moment, the German government still has 15,552 BTC left worth $894 million. A total of 31% of the initial BTC holdings has been sold already. The source of this Bitcoin was the Movie2k pirate website, from which the German authorities confiscated all the aforementioned BTC in January this year.
As reported by U.Today earlier, Joana Cotar, an independent member of the Bundestag, addressed the German government on X, urging them to stop selling Bitcoin and hold that BTC as a strategic reserve currency instead.