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Michael Saylor: Bitcoin is a Lifeboat Tossed on a Stormy Sea, Offering Hope to Anyone Who Needs to Get off a Sinking Ship

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Michael Saylor: Bitcoin is a Lifeboat Tossed on a Stormy Sea, Offering Hope to Anyone Who Needs to Get off a Sinking Ship

Summary:

  • MicroStrategy CEO Michael Saylor has described Bitcoin as a lifeboat tossed on a stormy sea, offering hope t anyone that needs to get off their sinking ship.
  • Mr. Saylor also pointed out that Bitcoin will outlast all of us.
  • He added that Bitcoin is the only asset that allows you to accumulate monthly. Unlike commercial real estate and oil.

MicroStrategy CEO, Michael Saylor, has compared Bitcoin to a lifeboat tossed on a stormy sea.

According to his analysis, Bitcoin is a lifeboat that offers hope to anyone that needs to get off their sinking ship. Mr. Saylor shared his analogy of Bitcoin through the following tweet that also includes a clip from an interview he did on CNN.

#Bitcoin is a lifeboat, tossed on a stormy sea, offering hope to anyone in the world that needs to get off their sinking ship. We are witnessing the birth of a new industry during the worst financial crisis of our lifetime. My interview w/@jchatterleyCNN pic.twitter.com/P2QJWgyf0S

— Michael Saylor⚡️ (@saylor) June 22, 2022

Bitcoin will Outlast All of Us – Michael Saylor.

Michale Saylor began the interview by reiterating that MicroStrategy remained committed to its Bitcoin strategy despite the ongoing BTC drawback and was in it for the long haul. He also pointed out that Bitcoin will outlast all of us.

Step Back and Look at the Big Picture.

Concerning MicroStrategy sitting on unrealized Bitcoin losses to the tune of one billion dollars, Mr. Saylor once again reiterated the need to look at the bigger picture. He said:

We’re committed for the long term. I think you got to step back and look at the big picture. The S&P 500 has got the worst start since 1970 and we are witnessing the birth of a new industry through the worst financial crisis of 50 years…people who understand Bitcoin…understand that this is a totally new industry.

Bitcoin is Digital Energy – Mr. Saylor.

When asked whether Bitcoin was a bubble, Mr. Saylor reiterated his time-tested insights that BTC was digital energy. He explained:

Bitcoin is digital energy. It’s incorruptible and destructible, programmable it lasts forever…and you know the average person has to sift through thousands of stocks. Thousands of coins, thousands of investment properties.

All these have risks. There’s a lot of confusion but one thing we are not confused about is that Bitcoin is a hundred times bigger than the next digital energy network. It is the dominant one.

You Cannot Dollar Cost Average into Real Estate nor Stock Pile Oil. But you Can Accumulate Bitcoin Monthly.

Mr. Saylor went on to add that Bitcoin is the only asset that allows investors to buy small chunks of it at regular intervals. According to his analysis, such a feature for an asset is totally different from real estate or oil. He said.

And you know, if you are looking at it as an investor, well you know what is your choice. You cannot dollar cost average into commercial real estate, you can’t stock pile oil for the next decade.

Bitcoin on the other hand, is something you can accumulate monthly. You can keep it for your entire life and so it’s fundamentally different than anything that has come before it.

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Ethereum

CZ: Binance Is Looking at 50 to 100 Deal Proposals From Projects Affected by the Crypto Market Drawdown

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CZ: Binance Is Looking at 50 to 100 Deal Proposals From Projects Affected by the Crypto Market Drawdown

Summary:

  • CZ has clarified that Binance is looking at 50 to 100 deal proposals from crypto projects affected by the ongoing crypto winter.
  • CZ was correcting reports by the Block that had misquoted him as saying that Binance was looking at 5,200 deals.

The founder and CEO of Binance, CZ, has clarified via Twitter that the exchange was looking at 50 to 100 deals from crypto companies affected by the ongoing bear market.

His clarification comes from publications such as The Block, misquoting him as saying that the exchange was looking at ‘5,200 deal proposals amid the market downturn.’ CZ’s clarification on the matter can be found in the following tweet.

Game of telephone. During my live interview with Yahoo earlier, I said 50 to 100. The clip is online. It become 5200 somehow by one journalist somewhere… And even CMC reposted the “news”. 😂 pic.twitter.com/VXpATG7dBp

— CZ 🔶 Binance (@cz_binance) June 24, 2022

Easy to See How it Happens. Probably My Fault for Poor Pronunciation – CZ.

In a follow-up Tweet, CZ explained that he understood how he might have been misquoted, explaining that he was probably at fault due to poor pronunciation. He said:

Fifty to a hundred => Fifty two hundred

Easy to see how it happens. Probably my fault too for poor pronunciation. And big numbers spread. Made my day.

Binance is Looking for Ways to Help Struggling Crypto Companies.

CZ’s misquoted statement comes from Yahoo.Finance interview where he explained that the crypto exchange was looking for ways to help struggling companies through loans, minority investments, or majority acquisitions.

He also pointed out that crypto projects knew Binance had substantial cash reserves and was the main reason the exchange was being approached for funding. He explained:

Everybody knows we have the largest cash reserves in the industry. We just launched the Cristiano Ronaldo deal yesterday. That is a multi-hundred dollar, multi-year deal. So we have cash reserves. Everyone already knows that in this industry and they are talking to us.

Clear Regulatory Guidelines on Reserves for Crypto Projects.

Concerning crypto regulations in a time when projects are becoming insolvent and possibly bankrupt, CZ emphasized the need for regulatory clarity and more communication from projects in distress. He said:

I think there should be clear regulatory guidelines on reserves for different types of businesses in the crypto space. I don’t think there are such clear guidelines today in most countries and also there should be requirements for transparency and disclosure.

We have seen certain projects when they are under stress, the stop communication which is really bad…especially if you are under stress, you got to communicate more frequently with users. So that is something we are trying to push the industry players to do but more regulatory guidelines in this area will definitely help.

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Tron’s (TRX) Total Accounts Hits a New Milestone of 100M As the Project Celebrates its 4th Anniversary

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Tron’s (TRX) Total Accounts Hits a New Milestone of 100M As the Project Celebrates its 4th Anniversary

Summary:

  • The total number of accounts on the Tron blockchain has hit a new milestone of 100 million.
  • Tron is also celebrating its 4th Anniversary as an independent chain after migrating from Ethereum on June 25th, 2018.

The total number of accounts on the Tron blockchain has hit a new milestone of 100 million. The team at Tron DAO highlighted the milestone through the tweet below which also pointed out that Tron was ‘the world’s fastest growing public chain with 3.4 billion transactions, millions of daily active users and continuous daily new accounts every day.’

🎉Congratulations!!! #TRON‘s total accounts exceeded 100 million! Milestone achieved!

🚀#TRON is the world’s fastest-growing public chain with 3.4 billion transactions, millions of DAU, and continuous daily new accounts every day.

🤗Thanks for all the support from #TRONICS! pic.twitter.com/GW4n6E6hSm

— TRON DAO (@trondao) June 25, 2022

100 Million Users is Just a Beginning of Tron’s Mass Adoption – Justin Sun

Similarly, the project’s founder and former CEO, Justin Sun, celebrated the event by stating that 100 million users was just the beginning of the project’s mass adoption journey. He said:

TRON total users just surpassed 100 million.

It is just a beginning of our mass adoption journey! Always remember there are 7 billion people on this planet!

Tron Celebrates its 4th Anniversary as an Independent Blockchain.

Also today, the Tron project and community celebrated its fourth Anniversary as an independent chain after migrating from Ethereum on June 25th, 2018. The Tron DAO team marked the event by tweeting a 2018 quote from Justin Sun saying, ‘ Tron is founded on a community of active users who should have their voices heard.’

🎉Celebrating the 4-year anniversary of #TRON independence day!

🤗“#TRON is founded on a community of active users who should have their voices heard,” said @justinsuntron, the founder of #TRON, on the launch of #TRON mainnet.

❤️Thanks #TRONICS 💪Keep #BUIDLing🚀 #TronStrong💎 pic.twitter.com/svHM0GTRdX

— TRON DAO (@trondao) June 25, 2022

The Price of Tron Continues to Benefit from Purchases of TRX by the TRON DAO Reserve.

With respect to value, Tron has benefited from the continual purchases of TRX by the Tron DAO reserve ‘to safeguard the overall blockchain industry and crypto market.’ The most recent purchase of $10 million worth of USDD and TRX was made earlier today as seen in the following tweet.

To safeguard the overall blockchain industry and crypto market, TRON DAO Reserve have purchased $10,000,000 #USDD and #TRX as reserve.

— TRON DAO Reserve (@trondaoreserve) June 25, 2022

The purchases by the Tron DAO reserve have been a way of preventing short sellers from pushing down the price of TRX and that of USDD. The impact of the purchases of TRX by the Tron DAO reserve can be seen in the following daily chart.

Yuga Labs Has Filed A Lawsuit Against Parties Slandering the Bored Ape Yacht Club NFT Project 19

Also, from the chart, it can be concluded that the future price of TRX cannot be easily forecasted.

To begin with, the daily MACD is about to cross in a bullish manner below the baseline. Secondly, the daily MFI and RSI are in neutral territory of 45 and 42, respectively. Thirdly, Tron is about to experience a death cross with the 50-day moving average (white) and the 200-day moving average (green). Fourthly, Tron’s trade volume is also reducing, hinting at a bearish future for TRX.

Therefore, caution is advised when trading TRX, given the conflicting events of the Tron DAO Reserve’s mission to keep buying the digital asset and the bearish environment highlighted by some of the indicators on the daily chart.

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Bitcoin Selling By Miners Could Continue into Q3 if BTC’s Price Does Not Improve – JP Morgan

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Bitcoin Selling By Miners Could Continue into Q3 if BTC’s Price Does Not Improve – JP Morgan

Summary:

  • Bitcoin miners needing to sell could weigh down on the price of BTC for some time.
  • According to analysts from JP Morgan, miners offloading Bitcoin to cover costs could continue into the third quarter of 2022 if the value of BTC does not improve.
  • However, selling pressure could reduce, given Bitcoin production costs have dropped from $18k – $20k to $15k due to new machines being energy efficient.

Bitcoin miners needing to sell their coins could continue to weigh down the price of BTC for some time.

According to JP Morgan analysts, public-listed miners have already reported Bitcoin sales in May and June to increase their liquidity, meet production costs, and possible deleverage. The same public-listed miners make up 20% of the total Bitcoin miners.

Bitcoin Selling by Miners Could Continue into Q3 if BTC Prices Do Not Improve.

At the same time, the analysts from JP Morgan forecasted that privately-held Bitcoin miners could have sold a considerable chunk of their BTC holdings to meet ongoing costs. Furthermore, selling by all Bitcoin miners could roll into Q3 if BTC’s value did not improve. They explained:

Offloading of Bitcoins by miners, in order to meet ongoing costs or to delever, could continue into Q3 if their profitability fails to improve.

That offloading has likely already weighed on prices in May and June, though there is a risk that this pressure could continue.

Bitcoin’s Production Has Dropped to $15k.

On the bright side, the JP Morgan analysts pointed out that Bitcoin’s production costs had dropped from an average range of between $18k and $20k to a lower level of $15k. The drop is the result of improved energy efficiency in mining hardware and could assist in maintaining profitability for the miners.

To note is that the production costs of more extensive mining facilities are as low as $8k, which means that some Bitcoin miners are still earning comfortable profits.

Over $4B in Bitcoin Mining Loans are Coming Under Stress.

In another analysis, the team at Bloomberg had pointed out that the ongoing crypto market drawdown is exerting stress on $4 billion worth of loans taken by BTC miners and backed by their equipment. The report explained that ‘a growing number of loans are now underwater’ and a ‘few miners have defaulted on their loans so far.’

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