Did Saylor Single-Handedly Push Bitcoin Higher? Adam Back Weighs In

Popular cryptocurrency influencer Whale Panda recently speculated that MicroStrategy co-founder Michael Saylor was responsible for the swift market recovery.

On Thursday, the Bitcoin price came close to reclaiming the $63,000 level despite plunging below the $50,000 level. The massive price jump has unexpectedly resulted in a rapid sentiment shift, with Bitcoin returning back to neutral territory in virtually no time.

Whale Panda believes that Saylor was possibly responsible for the significant price jump by buying $2 billion worth of Bitcoin in one go.

However, Blockstream CEO Adam Back, one of the most prominent Bitcoin evangelists, believes that this is not the case. “I don’t think so, because that was a $2bil approval for at the market selling; and in Nov and Dec 2023, they sold about $30m/day or $600m a month announced the sale details and BTC purchase details at month end,” he explained.

Last week, the Virginia-based business intelligence firm announced its intention to sell $2 billion worth of shares in order to increase its Bitcoin holdings. However, it did not offer an exact timeline for these sales. It is unlikely that MicroStrategy has already raised new capital that would help it finance its Bitcoin purchases.

As reported by U.Today, Saylor confirmed that his company would continue accumulating more coins via various means. He himself continues to hold more than $1 billion worth of Bitcoin, according to Bloomberg.

Real reason behind Bitcoin’s surge

According to American banking behemoth JPMorgan, Bitcoin’s recent recovery was possible due to the resilience of institutional players. There was very little derisking in CME futures. Meanwhile, BlackRock’s IBIT was back to high inflows on Thursday.

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