The Bitcoin evangelist tweeted that four years ago, in 2020, he bought his first stash of the world’s leading cryptocurrency.
Also, August of that year is known for MicroStrategy business intelligence giant’s first ever Bitcoin purchase. It was made with the spare cash of the company, and then the BTC was put on its balance sheet. Since then, the company has been regularly and frequently reporting its Bitcoin purchases – “stacking Sats” as Bitcoiners say. A sat refers to the unofficial smallest unit of Bitcoin – the Satoshi – named after its enigmatic creator, Satoshi Nakamoto.
One Bitcoin comprises 100 million Satoshis. As of the first quarter of 2024, Michael Saylor’s company holds 214,400 BTC worth $7.538 billion USD.
The BTC evangelist stated that the recent approval of spot Ethereum ETFs granted by the U.S. Securities and Exchange Commission (SEC) might actually be beneficial for Bitcoin since this will cement the crypto industry in the eyes of Wall Street more strongly and provoke additional inflows into BTC itself. It will help accelerate institutional adoption of Bitcoin and faster purchases of spot Bitcoin exchange-traded funds, which the SEC permitted earlier this year – in the middle of January.
Not all Bitcoin maximalists share his stance on this, though. Recently, CEO of Jan3 Samson Mow tweeted that “s-coins do not help Bitcoin” and BTC does not need them, hinting at Saylor’s statement, which he may have found arguable.
Mow tweeted that there is no demand for “securitised ETH” and that the spot ETF approval does not change his overall bearish outlook on the second largest cryptocurrency, Ethereum.
Before the approval of the Ethereum ETFs took place last week, Mow tweeted that that was the last chance to sell ETH above 0.05 BTC, urging the crypto community to dispose of its Ethereum and add more Bitcoin to their blockchain wallets.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
