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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

Rumors Of MicroStrategy Selling Bitcoin Grow With Tesla’s Disclosure

Reynaldo Marquez
Reynaldo Marquez
2 years ago
2 mins read
MicroStrategy Bitcoin

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Bitcoin and the crypto market have been losing momentum in the last 24 hours after experiencing a relief rally. Yesterday, the Elon Musk-led car manufacturer Tesla announced that it sold 75% of its BTC holdings to convert them into fiat currency.

Related Reading | Cardano (ADA), After 35% Spike, Locks On Next Target: $0.55

This has thrown fuel on speculations about other big BTC holders unloading their assets into the market. MicroStrategy and its CEO Michael Saylor have been the target of a majority of these speculations.

Over the past week, Bitcoin’s third wealthiest address identified as 1P5ZEDWTKTFGxQjZphgWPQUpe554WKDfHQ, has transferred 29,200 BTC to exchange platforms. Crypto users believe this is MicroStrategy’s BTC address.

Therefore, they speculate the software company sent their BTC to crypto exchange Coinbase. Over the past week, this address transferred 132,800 BTC to this platform which is roughly the amount held by the Saylor-led company.

Bitcoin BTC BTCUSDT
BTC’s price moving sideways on the 4-hour chart. Source: BTCUSDT Tradingview

Did Tesla Trigger A Bitcoin Selling Domino Effect?

Research firm Jarvis Labs questioned the rumors claiming the address most likely belongs to a “top trader”. The wallet has been accumulating Bitcoin since January 2019.

MicroStrategy and Saylor disclosed that their first BTC purchase took place in 2020. The software company is a publicly-traded company in the U.S. and must be transparent about its treasury strategy or risk facing legal consequences.

Jarvis Labs highlighted the complexity of labeling BTC addresses and dismissed the rumors with the following statement:

Wallet labels are incredibly complex and a sensitive topic. As they lack confirmations from the concerned party most of the time. So take such noise with a grain of salt. Relax, he has not been selling yet, even if assumed it was Saylor’s MSTR wallet.

Saylor Replies To Rumours On Their Bitcoin Holdings

CEO at CryptoQuant Ki Young Ju claimed the rumors about the wallet unloading their Bitcoin into the market are “FUD”. The executive said the transactions associated to address 1P5Z are part of an internal transfer.

In that sense, Young Ju said the BTC might have been sent to a cold or custodian wallet potentially owned by crypto exchange Gemini. Young Ju said:

For the record, “1FzW…” has closer ties to hot wallets like “1NYA…” and “bc1quq…” and these are not Coinbase or OKx. These are Gemini hot wallets.Lots of on-chain data providers mislabeled them. See this tweet for more details.

Related Reading | Polkadot (DOT) Gathers Steam, Sets Sight On $8.07 Resistance Level

Replying to all these rumors and speculation, Saylor tweeted with two emojis representing “diamond hands”. In the past, the executive said their plans are to hold Bitcoin “forever” dismissing any idea of dumping their BTC.

??

— Michael Saylor⚡️ (@saylor) July 21, 2022

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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