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CZ Endorses MicroStrategy’s Bitcoin Strategy

CZ Endorses MicroStrategy's Bitcoin Strategy

CZ Endorses MicroStrategy's Bitcoin Strategy

Changpeng Zhao (CZ), co-founder and chief executive officer of the Binance exchange, has endorsed MicroStrategy founder Michael Saylor’s Bitcoin accumulation strategy in an X post. CZ has been a supporter of Saylor for the past three years.

CZ disseminated an X post by Saylor the previous day, wherein he illustrated a substantial surge in Bitcoin value starting in August 2020, when MicroStrategy initiated its Bitcoin accumulation.

Since Saylor’s remark, Bitcoin has increased in value by 214%, whereas gold has declined by 3%.

CZ cited a multitude of Bitcoin detractors, including conservative financial institutions and bankers (including Jamie Dimon, the head of JP Morgan), who assert that Bitcoin is “too volatile” to be a reliable store of value.

Since implementing its Bitcoin strategy three years ago, MicroStrategy has steadily amassed BTC in fractional increments.

Saylor-led business intelligence behemoth Saylor has acquired 28,560 BTC (approximately $734 million) at an average price of $25,707 since May last year.

The company acquired an additional 155 BTC of Bitcoin in October for a staggering $5.3 million. MicroStrategy currently possesses a staggering 158,400 Bitcoins, valued at $5,760,295,200.

It was recently reported that the industry leader in business intelligence generated an astounding, unrealized profit of over $1.1 billion on the Bitcoin it possesses.

After Bitcoin began to exhibit growth, ascending from the $34,600 region to its peak of $37,890 on November 9, this information surfaced.

Subsequently, Bitcoin has exhibited a progressive depreciation of approximately 4%, with two separate declines to $36,240. At present, the price at which it is traded on the Bitstamp exchange is $36,462.

The previously mentioned increase in Bitcoin value can be attributed to the community’s anticipation that the U.S. regulator SEC will approve Bitcoin spot ETFs by November 17th.

Although the BlackRock filing would be the initial one, the SEC team is reviewing approximately a dozen ETF filings, including those from Ark Investment, Fidelity, Grayscale, VanEck, and others.

Many experts believe that if the regulator approves a Bitcoin spot ETF, billions of dollars worth of liquidity will be drawn into Bitcoin.

BlackRock, meanwhile, has initiated preparations for the launch of an Ethereum ETF and dispelled false allegations that it had applied to an XRP-based ETF. The latter news earlier today caused XRP to fall 12%.

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