TBH, I'm not sure why the Bitcoin community is high-fiving each other over this revelation.
Left door: Group psychology.
Right door: Desire for bullish news, due to skin in the game.
What looks like probably a large long-term holding
is good news. 0.2% of the total current BTC supply just moved from dumping bears and knife-juggling day-traders to cold storage. Good.
Something else that does not seem to have been mentioned: MicroStrategy is effectually dumping dollars. Their big cash reserve is now much smaller; they are no longer HoDLing the dollar. Hmmm... As a dollar bear who has been warning people to dump dollars, I am thinking about what, of course, Saylor will not say even if (
if) he is thinking it, too.
I mean sure, it's exciting that a corporation has figured out how to take a large long position in BTC without rocking the boat. I'm sure that other corporations will begin to follow suit in the coming 3-6 months or within the year. The more institutional corporate hodlers, the better. This is overall good news.
I myself tend to distrust institutional corporate holders; but there is nothing that I can do to stop them.
The more adoption by businesses (= the economically significant money in the
productive economy,
i.e. outside the extractive, destructive financial sector) and individuals (= attracts business), the better.
But look, if the straight-laced corps with good intentions have figured out how do this, then so can the nefarious Wall Street whale traders as well as other country's seedy deep pocket whale traders (China, Russia, Germany, England, etc). These guys have hundreds of millions $$$, if not billions $$$, at their disposal too. And the difference is that they don't have to make any public announcements, or get their respective legal teams and corp shareholders involved to fight through a bunch of red tape and months of wrangling before they do it. These types will be the first to dump all their btc at the top of the next bubble, for sure. This is not so great news.
That is similar to why I did not share the excitement about CME, etc. in late 2017. And I was right...
Sometimes, simpler is better to avoid missing the point:
78,388 off-chain transactions
18 on-chain transactions.
Fine, paid a lot of fees to miners (good boy)...
He paid
fees for 18 on-chain transactions to miners. Smart man.
I should have avoided my speculation
obiter dictum on what he meant by off-chain.