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Bitcoin has been able to clinch the $100K price milestone not only in anticipation of the favorable regulatory tailwinds that are expected to emanate from the incoming Trump administration 2.0 but also from the relentless BTC purchases by MicroStrategy (MSTR), whose executive chairman and co-founder, Michael Saylor, appears to have now set his eyes on decimating the entire gold asset class.
JUST IN: For the 5th week in a row, Michael Saylor posts the Saylor #Bitcoin tracker 👀
MicroStrategy always buys more BTC the next day 🚀 pic.twitter.com/gDRhL5Eckd
— Bitcoin Magazine (@BitcoinMagazine) December 8, 2024
To wit, for the fifth straight week, Michael Saylor has posted the so-called Saylor Bitcoin Tracker, which tracks MicroStrategy's BTC purchases over time. Critically, immediately after the said X post, MicroStrategy proceeded to buy more Bitcoin in each of the past four instances. Therefore, come Monday, we can reasonably expect MSTR to disclose additional BTC purchases in what has now become a fairly predictable pattern.
This comes as Bernstein recently noted that MicroStrategy could hold as much as 4 percent of the global Bitcoin supply by the end of the "next decade," which corresponds to 840,000 BTC, given Bitcoin's hardcoded supply limit of 21 million BTC. For reference, MicroStrategy currently owns 402,100 BTC.
"Dump your gold, sell all the US gold and buy bitcoin, then the trade is free. You will demonetize the entire gold asset class and our enemies hold gold in their banks so their assets would go to zero, our assets would go to a hundred trillion dollars." @saylor https://t.co/nl4NDOtPrz pic.twitter.com/IZMv6qVHAw
— Adelgary (@Adelgary) December 6, 2024
Meanwhile, Michael Saylor recently went after the entire gold asset class, with his proverbial guns blazing.
To wit, the co-founder of MicroStrategy wants the US government to buy "20 or 25 percent of the Bitcoin network" to catalyze the creation of a new global reserve asset class. According to Saylor, this would prompt "the Chinese, the Russians, and the foreigners to sell all their other assets and buy Bitcoin," with all of this new liquidity flowing into the US courtesy of the world's leading economy's towering stake in the BTC network.
As an additional twist, Michael Saylor says that the US government could sell all of its gold and buy 5 million BTC with the receipts from those sales, granting itself instant control over the BTC network as well as demonetizing gold as an asset class, which would, in turn, seriously hurt the "enemies" of the US.
Do you think Michael Saylor's ideas have merit? Let us know your thoughts in the comments section below.
Update: MicroStrategy Buys Additional 21,550 Bitcoins
MicroStrategy has acquired 21,550 BTC for $2.1 billion at $98,783 per bitcoin and has achieved BTC Yield of 43.2% QTD and 68.7% YTD. As of 12/8/2024, MicroStrategy has 423,650 BTC acquired for $25.6 billion at $60,324 per bitcoin. https://t.co/e7vj7wqAhy
— Wu Blockchain (@WuBlockchain) December 9, 2024
As expected, MicroStrategy recently spent $2.1 billion to acquire 21,550 BTC at an average cost of $98,783 per Bitcoin. This raises the firm's total stash to 423,650 BTC.
