Key Bitcoin fundamentals like Hash rate and exchange outflows are recording significant jumps already suggesting corporations are on a Bitcoin buy spree again. Michael Saylor is putting his money where his mouth is and has himself bought 17,732 Bitcoins ~$664 million so far.
Bitcoin Hash Rate Hits New ATH while Exchange Outflow Rate Spikes
The Bitcoin bull run driven by MicroStrategy is only getting strong with thought leadership from Michael Saylor who is leading by example.
- From an investor point of view rise in Bitcoin hash rate is healthy as it indicates more and more miners are joining Bitcoin Mining and are using efficient hardware to mine Bitcoins. Bitcoin hash rate hit an all time high last time on Oct. 18th, 2020 hitting 162.263 Million Tera hashes per second and it spiked to 179.19 EH/s today. Max Keiser who is praised by Bitcoin community for predicting correct long term Bitcoin price is also follower of “price follows Hash” theory.
#bitcoin's hash rate briefly hit 179.19 EH/s this morning, a new ATH in a trend that is undeniably upwards. It was 3.06 EH/s when I first started mining "proper" !
— Jason Deane (@JasonADeane) February 5, 2021
- On-chain analyst Willy Woo shared recent exchange outflow data that reveals Bitcoin price may see a movement upwards soon. Data reveals around 11,754 Bitcoins~ $438 Million were moved from exchanges today morning in just an hour suggesting rising corporate interest driven by MicroStrategy and Michael Saylor. Data also shows that this movement is by long term investors increasing their positions who have not sold in a long time.
Looks like @michael_saylor is bringing https://t.co/tqMxWPvnGW to the corporate community.
Impacts are being seen already. Coins once again being scooped off exchanges. pic.twitter.com/Fmdbq1WXIq
— Willy Woo (@woonomic) February 5, 2021
MicroStrategy Leading by Example for crypto adoption
MicroStrategy is vocal about Bitcoin since the beginning of Bitcoin bull run in October 2020 and have till date bought 71,079 Bitcoins ~$2.6 Billion. They are leading by example and have even made their Bitcoin playbook public for corporates who may want to invest in Bitcoin. Michael Saylor once even suggested Tesla CEO Elon Musk to move Tesla Balance sheet to Bitcoin.
And, the efforts of MicroStrategy and Michael Saylor seem to pay off.
Elon Musk post debate with Michael Saylor has shown keen interest in Bitcoin and updated his twitter bio with Bitcoin for a while. He also regretted not buying Bitcoin earlier in a club house discussion.
As described in the article above Bitcoin fundamentals as well as on-chain metrics is only more bullish as days are progressing. MicroStrategy’s Bitcoin Playbook seems to be working and its just time, that institutional FOMO kicks.
