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Michael Saylor claims the company will hold Bitcoin for ‘100 years’

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Microstrategy CEO Michael Saylor said he will hold his company’s Bitcoin (BTC) for 100 years, and has no intention of selling it. 

On Aug 11, the business intelligence firm announced it had purchase of 21,454 BTC for $250 million. This investment is now worth more than $278 million, representing an 11% increase in two months. The firm has purchased more Bitcoin since.

In a new interview with Real Vision CEO Raoul Pal, Saylor said the decision to invest $250 million was informed by a discussion between its board of directors and the firm’s investors, auditor and executives. Saylor explained:

“This is not a speculation, nor a hedge. It is a deliberate corporate strategy to adopt the Bitcoin Standard.”

Microstrategy decided to restructure its treasury in response to recent global economic uncertainty, looking to explore assets suited to providing a long-term store of value

But after considering a variety of options with a 100-year outlook, Saylor decided Bitcoin was the only option. Tax and fees kill almost all other assets, he concluded, and those that aren’t killed, are crippled because they are controlled by a CEO, government or country.

Bitcoin, on the other hand, is evolving, and over time it gets harder, stronger, and faster, Saylor concluded, describing BTC as a “hive of cybernetic hornets protected by a wall of encrypted energy.”

When looking at Ethereum as an alternative to Bitcoin, he told Pal, it didn’t compare as they are “still chasing after functionality.” He explained that “it still has to be proven,” adding:

“There are centralized competitors to it and they’re [Ethereum] not done with the functional architecture yet.”

The fact that Bitcoin is so big, compared with all other cryptocurrencies, is “the market screaming to you there is a winner, […] it’s eating the world.”

Saylor asserted Bitcoin is the world’s best collateral and doesn’t even compare to gold or any other commodities. He told Pal that if you hold $100 million in cash over 100 years, you will lose 99% of it, and if held in gold, you will still lose 85% at best.

Saylor described Bitcoin as performing similar monetary utilities as gold, only better and without the fear of dilution — likening BTC to gold as what steel is to bricks:

“Bitcoin, if it’s not a hundred times better than gold, it is a million times better than gold, and there is nothing close to it.”

With Bitcoin, Saylor argued, “anybody can inspect the fact that I own the Bitcoin in one second”, and yet it can be “sent anywhere in the world for $5.” He added that he could liquidate $100 million BTC on “a Saturday afternoon.”

Saylor told Pal that many people believe he has weak hands, saying “‘Ya, Saylor’s going to buy it and he’s going to dump it. He’s going to buy it and then buy another company with it. He’s going to buy it until he gets this profit and do whatever.’” but in reality, he isn’t going to sell it, explaining that he is in it for the long haul:

“They don’t understand the mindset of long. I’m buying it for the dude that’s going to work for the dude that’s going to get hired by the guy who takes over my job in 100 years.”

Saylor finished the two-hour-long interview by noting that his executives are closely watching developers in the crypto space:

“My whole board is listening to what you guys are saying.”



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Traders look for Bitcoin price daily close at $41K to confirm bullish reversal

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Bitcoin started the week with a strong breakout to $40,900, but today bulls are trying to hold Bitcoin price above the $40,000 level. 

As the price broke from the $31,000 to $39,000 range on June 14, traders speculated that setting a daily higher high and a close above $41,000 would set BTC up for a move to $47,000, but a lack of sustained buy volume and the much-discussed possibility of a death cross between the 50- and 200-day moving average are factors that could be keeping traders cautious.

BTC/USDT daily chart. Source: TradingView

According to Simon Peters, an analyst at eToro:

“Bitcoin is at its highest level since May, a notable recovery but the crypto asset has yet to convincingly break through – and most importantly, close above – the $41,000 mark.

While sentiment has improved and futures premiums have recovered after nearly entering backwardation last week, analysts are unable to confirm that the bull trend has resumed.

Peters said:

“We’ve seen the price face resistance earlier in the year at this level when it was trading around what was then an all-time high, and I would really need to see a stronger increase to feel optimistic about the price recovering and possibly pushing onto $50,000 and beyond.”

Sentiment has improved but the market is flat

Deribit Bitcoin options 25% delta skew. Source: laevitas.ch

Regarding the lack of follow-through from Bitcoin’s June 14 pump, Cointelegraph analyst Marcel Pechman shared the above chart and said that while the 25% delta skew is no longer signaling that extreme fear exists in the market. 

Pechman said:

“Arbitrage desks and market markers are currently uncomfortable with Bitcoin’s price as the neutral-to-bearish put options premium is higher. However, the current 7% positive skew is far from the 20% exaggerated fear seen in late May.”

Even though day traders are on the fence about the status of the trend, a number of on-chain metrics, including the Hodler Net Position Change, show that investors still view the recent dip to $30,000 and Bitcoin’s current price at $40,250 as excellent purchasing opportunities.