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Binance exchange co-founder and CEO Changpeng Zhao (often referred to as simply CZ) published an X post to support MicroStrategy founder Michael Saylor in the Bitcoin accumulation strategy the company has been following for the past three years .
CZ extends support for Michael Saylor on Bitcoin
CZ shared an
According to Saylor’s tweet, BTC has shown a 214% increase, while gold lost 3% of its value since then. CZ cited numerous Bitcoin haters from conservative banks and financial institutions, such as JP Morgan head Jamie Dimon, who claim that Bitcoin cannot be a good store of value because it is “too volatile.”
MicroStrategy Counts on Crazy BTC Profits
MicroStrategy adopted its Bitcoin strategy three years ago and has been steadily accumulating BTC in fractions ever since. Since May last year, the business intelligence giant led by Saylor has purchased 28,560 BTC (the equivalent of $734 million) at an average price of $25,707.
In October, the company acquired another Bitcoin chunk of 155 BTC, paying a whopping $5.3 million for it. Currently, MicroStrategy owns 158,400 Bitcoin in total, worth a mind-boggling $5,760,295,200.
Recently, the business intelligence heavyweight was reported to have reported a staggering unrealized gain on the BTC it holds: over $1.1 billion. This news came after Bitcoin began to show growth, moving from the $34,600 area and all the way to the peak of $37,890 on November 9.
Since then, Bitcoin has gradually lost almost 4% of its value, falling twice to $36,240 but currently changing hands at the price of $36,462 on the Bitstamp exchange.
BlackRock Targets Ethereum ETF After Filing for BTC ETF
The aforementioned Bitcoin surge can be attributed to the community’s hopes that, until November 17, the US regulator SEC may finally give the green light to Bitcoin spot ETFs. BlackRock’s filing would be the first, but the SEC team is considering about a dozen ETF filings now, and they include Ark Investment, Fidelity, Grayscale, VanEck and others.
If the regulator approves a Bitcoin spot ETF after all, this will attract billions of liquidity to Bitcoin, many experts believe. Meanwhile, BlackRock has already begun taking steps to also launch an Ethereum ETF, in addition to debunking fraudulent rumors that it had filed for an XRP-based ETF. The latest news sent XRP down 12% today.
