Michael Saylor, Founder of MicroStrategy, has drafted a plan to donate Bitcoin token holdings for humanitarian causes. This is believed to have been inspired by Satoshi Nakamoto, and plans were announced in a podcast with The New Zealand Herald. This goes on to instill a sense of confidence among crypto enthusiasts as Michael has made some strong comparisons for Bitcoin tokens. Plus, it demonstrates the value of the flagship crypto along with its increased utility. However, “all that shines is not gold” and all that seems good has its roots hidden somewhere in the past. For Saylor, the past is only a few days ago.
First, about his donations, Saylor believes that BTC shares status with basic requirements like electricity and steel. He mentioned in a statement that Bitcoin was clean, silent, programmable, all immortal money, with all of them contributing to its value in the modern age of the Internet plus digital currency.
There is no statement about how much MicroStrategy’s founder is willing to donate – but, it is safe to assume that portion will be a considerable amount in the books. This comes amid his comparison of fiat currency with “economic clay or balsa wood” which essentially reflects the instability of traditional currencies.
MicroStrategy was last seen holding 252,200 bitcoin tokens worth approximately $16.9 billion – reflecting around 1.2% of the total supply. That translates to a portion of 21 million BTC tokens.
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Now to the second part which pertains to the “hidden roots” of this development. Michael Saylor recently backed custody of cryptocurrencies with the likes of BlackRock and JPMorgan, justifying it by stating that there is a lower chance of seizure because lawmakers and politicians have their investments in these platforms.
Needless to say, the community didn’t take it well and blasted him with several criticisms. A lot of it could have been triggered when Saylor referred to some of them as “a bunch of crypto-anarchists”. Michael did eventually come around to the idea of self-custody for those who were willing and able to do so. Damage, till then, had been done.
Vitalik Buterin, Co-Founder of Ethereum, didn’t mince his words and directly went on record to state that Saylor’s comments were “batsh*t insane”.
I probably did more than most to spread the “mountain man” trope (btw I consider those remarks of mine outdated; snarks and AA changed the tradeoff space completely), and I’ll happily say that I think @saylor‘s comments are batshit insane.
He seems to be explicitly arguing for a…
— vitalik.eth (@VitalikButerin) October 22, 2024
Max Keiser, a Senior Bitcoin Advisor, said that such comments demonstrated a “regressive tendency” to favor what Bitcoin fixes, that is legacy and centralized banking crooks.
All that said, BTC is moving in the market at a normal pace with an uptick of 0.29% in the last 24 hours, exchanging hands at $67,098.83, at the time of writing this article. Short-term predictions for bitcoin tokens are bullish. The flagship token is speculated to surpass $80,000 by the end of October, or the middle of November 2024. The next 30 days may take BTC to a high of $91,511 with a surge of 35.98% from the current value amid the volatility of 3.84%.
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Also Read: Interview Insights: Michael Saylor on MicroStrategy and Bitcoin
