Bitcoin Surges 10% to $84,000 as Strategy's Holdings Boost Market Stability

Michael Saylor, a prominent advocate for Bitcoin and the founder of Strategy, a company powered by Bitcoin, recently shared an AI-generated image on social media. The image depicts Saylor in an office setting, with a Bitcoin logo prominently displayed on the wall behind him. He is holding an old-fashioned telephone receiver to his ear, with the caption "Bitcoin is calling." This post comes at a time when Bitcoin is trading above the $84,000 mark, inching closer to the $85,000 level.

Saylor's tweet is significant as it underscores his unwavering support for Bitcoin. His company, Strategy, has been a major player in the Bitcoin market, holding a substantial amount of the cryptocurrency. According to a top ETF analyst, Strategy's Bitcoin holdings have played a crucial role in maintaining price stability in the market. The analyst noted that spot Bitcoin exchange-traded funds (ETFs) have seen positive inflows recently, and Strategy has been a key contributor to this trend. The company has been buying Bitcoin from various sources, including "tourists, FTX refugees, GBTC discounters, legal unlocks, and government confiscations," without selling any of the BTC it has acquired. This strategy is expected to have a positive long-term effect on the Bitcoin market, increasing stability and lowering volatility and correlation.

Strategy is currently the second-largest corporate holder of Bitcoin, with 531,644 Bitcoins in its possession. This amounts to approximately $44,916,257,009. The largest holder is BlackRock’s spot ETF, which has 575,369 Bitcoins, valued at around $48,580,447,229. Saylor has consistently stated that neither he nor Strategy intends to sell their Bitcoin holdings, further solidifying their commitment to the cryptocurrency.