Michael Saylor is known as one of the most religious Bitcoin proponents. He not only advocates the inclusion of Bitcoin on a commercial level but also runs educational campaigns that work to introduce Bitcoin to new commercial enterprises. At present, the price of the flagship crypto has fallen to a new low of $28K per unit. At this point, many investors are trying to work out the best and worst-case scenarios.
The massive price crash is the result of ever-increasing selling pressure for Bitcoin during the ongoing bear market pressure. According to on-chain metrics, the current market value of Bitcoin is the lowest in 16 months. Other factors that are attacking the crypto market domination are issues like the intervention of the Federal Reserve and the US Treasury Department that is speculated to be involved with the de-pegging of stablecoin UST.
The non-investors are taking an interest in the Bitcoin crash to understand that if the token manages to recover from the current fall, then it will rise as the ultimate investment option for many. On the other hand, many investors want to understand the market dynamics to manage their portfolios more efficiently.
Among all the confusion, conspiracy theories, doomsday predictions, memes, and unsolicited investment advice, Michael Saylor has come forward to share his opinion. Saylor claims that the Bitcoin price is under the control of the highest bidders and those with the biggest reserves. He further explained that the top coin market value is controlled by the masses that have lesser knowledge. He also postulated that, in time, these big players would acquire a better knowledge of the crypto market dynamics while the other group would gain more financial benefits.
Role of Whale Investors in the Crypto Market
The idea that cryptocurrency markets are not neutral from the influence of big investors has been around for quite a while. Any big account holding a considerable amount of a single cryptocurrency can influence its market value by selling or purchasing more coins. Interestingly, MicroStrategy itself is among the big commercial guns that hold one of the largest Bitcoin reserves in the world.
The data projections from BuyBitcoinWorldWide postulate that Grayscale is another commercial enterprise to have more than 654 thousand Bitcoins worth $31 billion. Meanwhile, MS possesses around 216 thousand Bitcoins worth $10 billion distributed between 34 public listed enterprises. The third-largest Bitcoin reserves are with Tesla, valued at $2.1 billion. Saylor’s comments can deepen the selling pressure for Bitcoin. Meanwhile, some investors believe that his tweet suggests a greater return for HODLers.