Michael Saylor, the CEO of MicroStrategy, bought another 480 BTC at an average price of $21,817 per bitcoin. This brought the total value of his purchases to $10 million. It now has 129,699 Bitcoins worth an average of $30,664 each, giving it a market capitalization of $3.8 billion. On the other hand, MicroStrategy has $2.5 billion worth of bitcoins in the company’s bank account right now. However, websites like www.bitalpha-ai.org/ enable users to sign up, fund their accounts, and begin buying and trading Bitcoin.
Many people laughed at Saylor’s decision to repurchase Bitcoin despite the price decreasing.
Since the business intelligence group had lost more than a billion dollars, the risky purchase was looked down upon. CMC says that the current price of Bitcoin is USD 19,369.60 and that it traded about USD 23,351,589,622 worth of goods and services in the last 24 hours. On the last day, bitcoin’s price decreased by 3.80%.
The company in Virginia has 129,698 coins worth a total of $2.6 billion at the current exchange rate. During March, a loan from Silvergate was used to buy bitcoins. Saylor told investors that, despite everything, there would not be a margin call soon. He did this to ease their worries about another black swan.
Changpeng Zhao, the CEO of Binance, has said that self-custody is a “fundamental human right,” Michael Saylor has said that it’s essential to stop influential people from getting more and more power and abusing it. Both of these claims are in the article we just talked about.
Since FTX went out of business, there has been a lot of uncertainty in the market. Because of this, people in charge of the industry have told cryptocurrency traders and investors to keep their coins.
On November 10 and 11, the CEO of MicroStrategy, Michael Saylor, talked to Cointelegraph about the benefits of self-custody. He did this in San Francisco at the Pacific Bitcoin conference. Saylor made his comments while talking about how the market was doing.
When individuals cannot provide for themselves, the people in authority have too much power and may abuse it, as the author puts it. When those in authority do not have the resources to take care of themselves, they are given too much authority.
The speaker said you couldn’t create a decentralized network since you can’t handle your finances. The events of the week before last have already led many investors and traders to look into their options for self-custody.
According to CoinGecko, the price of the token representing the self-custody wallet Trust Wallet (TWT), bought by Binance, went up by 84% in the last 48 hours to $2.19 before going down to $1.83. After this price increase, the price went down to $1.83.
People with tokens can help decide how the wallet should work and what technological improvements should be made. This means that people who own tokens will have a say in how the wallet changes in the future.
In the same way, the opinions of these experts in the field show that self-custody is a must in a world where market conditions change all the time. When Crypto.com accidentally sent 320,000 ETH to Gate.io on November 13, it was another blow to investors’ faith in centralized exchanges.
Anthony Sassano, a fan of Ethereum and host of the podcast The Daily Gwei, criticized a cryptocurrency exchange for a mistake it made on November 13. After the criticism, he told investors they shouldn’t keep their money on centralized exchanges “for longer than you need to.”
