MicroStrategy CEO Michael Saylor Says Fraudulent Bitcoin Data Is Holding The Market Back
Microstrategy CEO and Bitcoin whale investor Michael Saylor claimed that Bitcoin market data is wildly inaccurate based off his experience with Bitcoin liquidity during a live interview with Hedgeye CEO Keith McCullough on Tuesday, October 20.
Saylor made crypto headlines in September when his company announced it was making Bitcoin its primary reserve currency and purchased $425 million worth of the cryptocurrency as a hedge against inflation. The move by Microstrategy was widely received as a sign of growing institutional interest in Bitcoin.
Saylor on Tuesday argued that Bitcoin volume numbers floating around are widely inflated, challenging the $24.76 billion number on the Apple Stocks app. Coinmarketcap clocks Bitcoin’s volume as around $30.38 billion.
“I know for a fact you can’t buy more than $35 million a day without people knowing, so there’s no freaking way there’s $24 billion trading,” Saylor stated.
In 2019, Bitwise Asset Management reported to the U.S. Securities and Exchange Commission that 95% of volume reported on cryptocurrency data aggregation websites is false. The firm came to this conclusion after analyzing the top 81 cryptocurrency exchanges by volume size on coinmarketcap.
He added that false market data is holding Bitcoin back especially when investors are choosing between assets. False data could erode trust in Bitcoin as an asset, Saylor indicated.
By Emily Mason