Elon Musk Researching Bitcoin, Michael Saylor Completes 1.1 Billion Dollar BTC Buy, Ripple Gets Sued
Today’s Daily LEO features the latest Bitcoin news. Elon Musk teases the idea of buying BTC — wondering publicly if there’s enough liquidity out there to meet Tesla’s potential demand for BTC in their treasury. Michael Saylor’s Microstrategy completes a 1.1 Billion dollar acquisition of BTC throughout 2020 and Ripple announces that the SEC may be filing a lawsuit against them.
Elon Musk Tweets About BTC, Michael Saylor Offers a Helping Hand
Elon Musk has been known to fire off obscure tweets. His latest is a meme showing the irresistibility of Bitcoin. This comes just 2 days after an interview where Michael Saylor says that he thinks Elon Musk should convert Tesla’s treasury into Bitcoin because of the value Tesla is losing by holding Cash. If Elon buys BTC, you can expect the whole internet to lose their minds and BTC to moon.
Michael Saylor’s MicroStrategy Just Bought Another $650 Million Worth of BTC
Michael Saylor is the hero none of us asked for but all of us wanted. He’s the CEO of a software corporation that has made it their mission to not only convert their treasury to BTC but also blaze the trail for others to follow in their lead. The company just released a statement outlining how many Bitcoins they currently hold (over 70,000 BTC) and the fact that they’ve purchased over $1.1 Billion USD worth of BTC in 2020 so far.
Here’s a link to their official press release about the BTC buys.
Peter Schiff Continues to Be Historically Incorrect About Bitcoin
Peter is a goldbug and well-known for being outspoken against Bitcoin and in favor of gold. While many in the Bitcoin space actually talk about how Gold will increase in value (but BTC will outpace it) Peter takes the bad approach of saying that BTC is a scam and will go to 0. Attacking the competition is a sign of weakness.
In this tweet Joseph Young sheds some perspective on the situation:
Ripple Is About to Get Sued by the SEC
The CEO of Ripple Labs recently came out and publicly discussed how the SEC is going to sue them. They are playing the victim and claiming that the SEC is targeting the whole crypto industry.
I don’t buy this narrative. First of all, there has been a lot of positive regulatory news for crypto over the past several months. While there are always naysayers, there have been just as many (or more) people in high positions talking positively about Bitcoin and TRUE cryptocurrencies.
I think the key distinction here is that Ripple Labs is the managing company behind the XRP “cryptocurrency” which is horrendously centralized and by the way, they printed themselves 100 BILLION of it back in 2012 which they sell on a regular basis.
Crypto Scams Return With ATHs
Where there is money, there are scammers. Ledger’s recent data breach has caused a lot of rippling (see what I did there) effects throughout the crypto space. Hundreds of thousands of customer emails, phone #’s and addresses were leaked online.
This data breach is the precursor to a plethora of phishing scams and countless other attacks. I fired off a tweet as a PSA to stay vigilant and always make sure to bookmark your frequently used crypto sites and double check the URL before connecting any wallet (even a hardware wallet).
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