According to U.Today, Michael Saylor, the founder and executive chairman of MicroStrategy, recently celebrated his four-year anniversary of his first Bitcoin purchase. In 2020, Saylor made his initial investment in the world's leading cryptocurrency. Later that year, in August, MicroStrategy, a business intelligence giant, made its first Bitcoin purchase using the company's spare cash. The Bitcoin was then added to the company's balance sheet. Since then, the company has regularly reported its Bitcoin purchases, a practice known as 'stacking Sats' among Bitcoin enthusiasts. A 'sat' refers to the smallest unit of Bitcoin, the Satoshi, named after the cryptocurrency's elusive creator, Satoshi Nakamoto. One Bitcoin is equivalent to 100 million Satoshis. As of the first quarter of 2024, MicroStrategy holds 214,400 BTC, valued at $7.538 billion USD.
In a recent appearance on the 'What Bitcoin did' podcast, Saylor surprised the Bitcoin community by suggesting that the recent approval of spot Ethereum ETFs by the U.S. Securities and Exchange Commission (SEC) could be beneficial for Bitcoin. He argued that this could solidify the cryptocurrency industry's standing in Wall Street's eyes and potentially lead to increased investment in Bitcoin. This could accelerate institutional adoption of Bitcoin and expedite purchases of spot Bitcoin exchange-traded funds, which the SEC permitted earlier this year. However, not all Bitcoin maximalists agree with Saylor's viewpoint. Samson Mow, CEO of Jan3, recently tweeted that 's-coins do not help Bitcoin' and that Bitcoin does not need them, seemingly in response to Saylor's statement. Mow argued that there is no demand for 'securitised ETH' and that the approval of the spot ETF does not alter his overall bearish outlook on Ethereum, the second largest cryptocurrency. Prior to the approval of the Ethereum ETFs, Mow urged the crypto community to sell their Ethereum and invest more in Bitcoin.
