Markets
MicroStrategy CEO Michael Saylor Reveals His Bitcoin MSTR Plan
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5 hours agoon
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admin“It’s mostly paranoid crypto anarchists that say that.”
With these eight words, issued on the “Markets with Madison” podcast, Microstrategy CEO Michael Saylor evoked outrage from just about everyone in Bitcoin.
Shinobi called him a “spook.” Carvalho was confused. Svetski claimed this will start the next Fork Wars.
Put simply, Saylor said a bad thing. He broke the taboo. He said you’re better off trusting your Bitcoin in state custody than holding your own private keys, then went further, calling out all of the businesses engaged in custody projects by calling them effectively bullshit salesmen.
It was, shall we say, a “big oof,” a “footgun,” the scene in the cartoon where the hero gets hit with an anvil.
Here’s Adam Simecka’s clip from the full video:
Saylor thinks you are a paranoid crypto anarchist if you hold your own keys and don't trust the government. 😏 pic.twitter.com/6owj7LzrdM
— Adam Simecka (@AdamSimecka) October 20, 2024
Yet, paradoxically, I’ll admit, it’s probably the most interesting thing Saylor has ever said?
For years, Saylor and the Cyber Hornets have been “Grut and the Minions,” Saylor using his pulpit to spout whatever bullish nonsense was in vogue, without adding anything of his own.
Other people said things, and then Saylor said them again. He was the “people’s champion,” a “man of plebs,” a role that even his mundane AI generated tweets seemed to underscore in tagging the artists, invariably some random pseudonym.
So, anger aside, I have to say, at this time, I’m undecided. Sure, as someone who lived through the Fork Wars, I find Svetski’s position romantic (It’s nice to think we’re in the midst of some larger struggle), but it’s perhaps too early to cry wolf.
Instead, I find myself (for once) actually trying to understand what Saylor is saying.
As far as I can tell, there’s really three ideas at play here:
- This is a new thesis for how to boost Bitcoin adoption using public markets – Saylor is framing the self-custody question as not an issue to solve with innovation, but an issue to ameliorate. His view: It doesn’t matter how people own Bitcoin, only that they do. His preferred vehicle for this is the stock market, and he seems to want to co-opt it as a massive vehicle for buying Bitcoin and selling the exposure.
- This thesis actually might solve the problem of how to fight the crypto market – This is also one of the more compelling things about Bitcoin “Season 2,” the idea you could “co-opt the crypto apparatus” as a means of getting retail involved. Here, Saylor seems to want to marshal his army of Bitcoin stocks for the purpose, his view retail will begin purchasing Microstrategy and Metaplanet, in lieu of memecoins, chasing as they always do, beta on Bitcoin.
- It’s a novel thesis on convincing government to adopt Bitcoin – A world where Bitcoin is the reserve asset for regulated entities seems like one in which draconian laws become less viable. After all, in this world, Bitcoin would have a direct link to the U.S. economy (at least the version most politicians care about). You have to admit: “You can’t ban Bitcoin, it will hurt the stock market,” has a nice ring.
Of course, maybe the commentators are right. Saylor’s incentives seem to be departing from the network. Maybe he is placing his company and its quest to amass Bitcoin above all else, and it’s worth questioning his motives at this moment.
Some argue self-custody, if nothing else, is the core of Bitcoin, the fact that you can trust no one but yourself to hold and safeguard your wealth.
Then again, in Saylor’s view, inflation is the true boogeyman, the debasement of purchasing power, the far bigger issue.
Is it possible this is a giant government psy-op, that Saylor flew too close to the sun, and there are an army of regulators who are twisting his arm to say this?
Sure, Microstrategy does work with intelligence agencies, but even then, intelligence agencies and their pension funds need somewhere to invest. A hyperbitcoinized world is surely one where these funds will also buy Bitcoin.
But I have to say, as someone who has never found Saylor very interesting… for now, I’m at least paying attention.
I’ll start there.
This article is a Take. Opinions expressed are entirely the author’s and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.
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The global crypto market cap added $140 billion, spiking 6.3% to close the week above a two-month peak of $2.35 trillion.
Bitcoin (BTC) championed the recovery, breaking past $68,000 and sparking a strong rally across the altcoin market.
Here are some of the assets that leveraged this rebound campaign and how they performed:
DOGE records seven straight intraday gains
Dogecoin (DOGE) was one of the biggest beneficiaries of the market recovery last week, recording seven consecutive days of gains throughout the week.
The dog-themed meme coin closed the week at a four-month high of $0.144, having gained 27%. This marked Dogecoin’s best weekly performance since late February during the broader meme coin market rally.
However, the latest uptrend has faced a roadblock, following a spike in the Dogecoin CCI to 247. If this week introduces bearish pressure, DOGE would need to hold above $0.137 to avoid the 20-day SMA support at $0.116.
APE spikes 54% on mainnet launch
Despite underperforming throughout last week, ApeCoin (APE) engineered a last-minute rally that saw it close the week at $0.87 amid a 20% gain.
This upsurge was mainly due to the mainnet launch of ApeChain, the project’s blockchain, yesterday.
After breaching $0.92, APE faced major resistance at the upper Bollinger Band yesterday. However, the uptrend resumed in the new week, with APE surging 54% to breach the $1 mark for the first time in four months.
Meanwhile, its RSI has crossed into overbought territories at 85. This position suggests the rally might face exhaustion without renewed buying pressure. A drop below $1 could lead to steeper declines.
DIA hits 32-month peak
DIA (DIA) began the week bearish, but recovered to outperform most assets. After a mixed performance, DIA spiked by a massive 42% on Oct. 17, reclaiming $1 for the first time in two years.
Following an 8% correction the next day, DIA resumed the uptrend, gaining by another 14% on Oct. 19. This allowed it to close the week with a 44% gain, trading at a high last seen 32 months ago. Its monthly volume has spiked to 716 million DIA, the highest in history.
Meanwhile, the token’s +DI has spiked to 40.28, confirming immense bullish momentum. The ADX at 50.19 suggests that the push is especially strong. However, this could also indicate an overextension of the rally, with a correction looming.
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Bitcoin
Bitcoin whale selloff stopped as price surpasses $68k
Published
2 days agoon
October 21, 2024By
adminOn-chain data shows a significant decline in the Bitcoin large holder outflows as the flagship cryptocurrency remains above the $68,000 mark.
According to data provided by IntoTheBlock, the Bitcoin (BTC) whale net flow shifted from an outflow of 1,650 BTC on Oct. 17 to a net inflow of 211 BTC on Oct. 19. The momentum shows increased accumulation from large holders.
CryptoQuant CEO Ki Young Ju confirmed the intensified accumulation.
Per a crypto.news report, data provided by Young Ju shows that new whale addresses, with at least 1,000 BTC, held over 1.97 million coins yesterday—showing an 813% surge since the start of the year.
One of the key drivers behind Bitcoin’s bullish momentum is the increased investor interest in the U.S.-based spot BTC exchange-traded funds.
According to the report, these investment products saw an inflow of $2.1 billion last week—the total net inflows surpassed the $21 billion mark.
Moreover, data from ITB shows that the Bitcoin exchange net flows remained in the negative zone for the third consecutive day, recording a net outflow of over 2,300 BTC, worth $157 million, on Oct. 19.
Increasing exchange outflows usually hint at a lower selling pressure. However, short-term profit-taking would still be expected since the BTC price is close to its all-time high of $73,750.
Bitcoin has been consolidating between $68,000 and $68,600 over the past 24 hours. Its market cap is sitting at $1.35 trillion with a daily trading volume of $13.8 billion — down by 55%.
A declining trading volume could potentially bring lower price volatility for the leading asset.
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Ethereum
Ethereum in accumulation addresses double since January 2024: CryptoQuant
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October 20, 2024By
adminA significant amount of Ethereum is being held by entities not actively spending or moving their funds.
According to the latest CryptoQuant data, the total number of Ethereum (ETH) in accumulation addresses surpassed 19 million.
As of Oct. 18, the total amount of Ethereum in accumulation addresses almost doubled in comparison to January 2024.
During the first month of 2024, this metric stood at 11.5 million. At least one analyst believes that this number will surpass 20 million by the end of the year.
Why? Ethereum ETF approval
“In early 2024, Ethereum Spot ETFs were officially approved, marking a new era. Regulations boosted confidence, making Ethereum mainstream,” the analyst stated.
The CryptoQuant analyst highlighted that since the Securities and Exchange Commission approved spot Ethereum exchange-traded funds (ETFs), Ethereum expanded to institutions and individuals alike.
As per the analysis, it’s also expected that by the end of 2024, when the address holdings hit 20 million ETH, the value of the accumulation addresses will be as big as that of the world’s largest companies.
The analyst also expects the total value of these holdings to hit $80 billion, with Ethereum priced at around $4,000.
71% of Ethereum holders in profit
According to the latest data from IntoTheBlock, 71% of the Ethereum holders are currently in profit.
The data also shows that 29% of the holders are in loss, with roughly 1% in neutral.
A closer look at the ETH holders composition shows that over 74% of the holders have held their coins for over a year.
About 23% of the holders have held their ETH for the duration of 1 to 12 months. Only 3% of the holders have held it for less than 1 month.
The Ethereum price has surged by over 2% in the last 24 hours. It’s also up by over 10% in the last seven days and reclaimed the $2,700 level at press time.
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