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- In a “not so subtle” post on X, Microstrategy founder Michael Saylor tore into the German government for its $3 billion Bitcoin selloff, which suppressed the top crypto by 22%.
- Bitcoin has recovered since the dump, gaining 11% in the past week, but the $65,000 resistance has proven tough to crack, with BTC trading at $64,200.
Since the German government started dumping Bitcoin into the market, industry leaders, governance experts and legislators within and beyond the country have voiced their opinions, with most criticizing the country. The latest is Michael Saylor, one of the world’s biggest Bitcoin bulls, who took to X to call Germany out.
“Running out of Bitcoin is the true emergency,” Saylor posted in German to clearly indicate that he was targeting Europe’s largest economy.
Es ist kein Notfall, bis du kein #Bitcoin mehr hast.
— Michael Saylor⚡️ (@saylor) July 17, 2024
Saylor has been the face of Bitcoin bulls for years (just Bitcoin though, as he constantly attacks Ether and other altcoins). As the CEO of Microstrategy, he directed billions to the purchase of BTC—in some cases, he even issued new shares to raise money to purchase even more Bitcoin. Back before the launch of spot ETFs, Microstrategy became the best stock play for Bitcoin in the US after Coinbase. Owning the company’s stock was equivalent to investing in the crypto as it became more prominent as a Bitcoin holder than for its bread and butter—business technology solutions.
Saylor has since left the company, but his legacy lives on, with his firm purchasing nearly 12,000 BTC a month ago, as we reported.
Today, Microstrategy holds over 226,,000 BTC, worth $14.5 billion and accounting for over 1% of all the BTC in circulation. This value has almost doubled as the overall entry price was around $8 billion. For context, Microstrategy’s market cap stands at $27.6 billion, which translates into the company’s BTC holdings being worth more than half the company’s stock. The stock has surged 115% this year, as we reported.
Germany: Our Bitcoin Sales Were Market Friendly
As we’ve been reporting, Germany’s government has been sending hundreds of millions of Bitcoin to exchanges since last month.
Recently, it published a statement acknowledging the sales, worth close to $3 billion. It revealed that it had contracted a Frankfurt-based financial institution to conduct the sales on its behalf. It described the process as a “market-friendly sale” that “was gentle to the market.”
However, there was nothing friendly or gentle about the sale. Since it started dumping, BTC dipped from a high of $65,700 to a low of $53,717 on July 5, its lowest price since February. It has been gradually recovering and at press time, it changes hands at $64,700, trading sideways in the past day amid a slight recovery in trading volume.
No coins selectedMany have condemned Germany for its reckless sales. Romina Bungert, who previously served as the CFO of on-chain finance platform Centrifuge, described it as “unintentional malicious activity based on a lack of competence that can come from governments and authorities.”
However, according to the government, it had no option. A spokesperson told media outlets that the government “cannot wait to see whether and how the market value will change.”
