Ki Young Ju believes that the addresses belong to the Gemini crypto exchange and that the transactions themselves are internal transfers

CryptoQuant CEO calls rumors of MicroStrategy’s bitcoin sales a manipulation

25.07.2022 - 08:15

311

2 min

What’s new? According to Ki Young Ju, the head of CryptoQuant, an analytics company, the new rumors that MicroStrategy is selling BTC from its reserves are FUD (manipulation to provoke sales of the asset). According to him, the large bitcoin transfers made recently are internal. Ki Young Ju believes that the addresses belong to the Gemini cryptocurrency exchange.

FUD (fear, uncertainty, and doubt) is a propaganda tactic used in marketing to make investors doubt the reliability of their investments and provoke sales of an asset.

MicroStrategy’s reaction. The day after Ki Young Ju’s publication, MicroStrategy CEO Michael Saylor posted a tweet with a diamond and hands emoji. Diamond hands is a concept denoting investors holding an asset even during periods of market volatility. Probably, in a similar way, Saylor also denied the rumors and hinted that the company continues to hold bitcoins. As of July 25, 08:45 UTC, the asset is trading at $22 034, down by 2,59% in 24 hours, according to Binance.

What is known about MicroStrategy? It is a business intelligence software company. MicroStrategy was founded in 1989 by Michael Saylor, Sanju Bansal, and Thomas Spahr. MicroStrategy invested $250 million in bitcoins as a backup asset in August 2020.

In May, Saylor stated that the company had no plans to sell bitcoins from its cryptocurrency reserves to secure previously taken loans.

On June 29, MicroStrategy bought 480 bitcoins worth $10 million. According to Saylor, BTC was purchased at a price of $20 817.

Subscribe to Getblock Magazine and stay up to date with the latest news from the world of cryptocurrencies and the digital economy