2416: Michael Saylor's 3-Word Bitcoin Post Just Signaled a $6 Trillion Move

**Justin Verrengia** (0:00)
Bitcoiners aren't sleeping this weekend, because for the first time, a coal storage attack has everyone asking the same question, are my Bitcoin actually safe? And while everyone was focused on the fear, Michael Saylor was sending a very different message. Let's get right into it. Michael Saylor just sent three words, Bitcoin drive engaged. To almost everyone, it just looks like another tweet. To Bitcoiners, it looks like a signal. The only question is, what is Michael Saylor trying to tell us?
For years, Bitcoin investors have noticed the pattern. Saylor has a habit of posting cryptic messages shortly before the company, reveals another massive Bitcoin purchase. Sometimes the clues are subtle and sometimes they're very obvious. Either way, the market pays attention. While the Bitcoin community was still shaken by the coal cart incident all weekend, as they should be, Michael Saylor posted the latest Strategy Tracker. No explanation, no press release, just Bitcoin Drive engaged. Many Bitcoiners immediately understood the message. One thing is for certain, when the largest corporate holder of Bitcoin speaks, people listen. And for good reason. Strategy now holds 843,775 bitties, representing just over 4% of the entire Bitcoin supply.
No public company in history has accumulated anything remotely close to it, but here's what makes that even more remarkable. Strategy didn't build that position by buying the bottom. Its average purchase price is now roughly 75,500 per Bitcoin. With Bitcoin trading below that level, the company is currently sitting on an unrealized paper loss of roughly $11 billion.
Most companies would panic. Most CEOs would stop buying. Many would start selling. Instead, Saylor posts three words that the Bitcoin community immediately begins trying to decode. That tells you everything you need to know about conviction. It also tells you everything you need to know about time horizons. Because Strategy isn't the only institution thinking this way. Public companies now collectively hold more than 1 million Bitcoin, but they're only a part of the story. SpotBitcoin, ETFs, governments and other institutional entities now collectively control roughly 3.9 million Bitcoin, representing nearly 18.5% of the entire fixed supply under the umbrella of the financial-industrial complex. And that's before you account for the millions of Bitcoin believed to be permanently lost. Another estimated 1.1 million Bitcoin are widely believed to belong to Satoshi Nakamoto, which means the supply actually available to buy is far smaller than most people realize. Every new institutional purchase doesn't create more Bitcoin. It simply leaves less Bitcoin available for everyone else. That's part of the story most investors overlook. Every institution is competing for the exact same finite pool of Bitcoin. Bitcoin's price changes virtually every second. Its supply never does. Think about that for a moment. That's why every strategy purchase commands so much attention. It isn't just another company buying another asset. It's the largest corporate Bitcoin holder competing for an asset that can never be diluted. Every additional Bitcoin strategy acquires as another Bitcoin removed from the available supply. And that's exactly why the market watches Michael Saylor's posts so closely. And that's why Saylor's three word message matters. Not because it guarantees another purchase tomorrow, not because a tweet is proof of anything, but because it reminds us that the largest Bitcoin allocators in the world continue thinking in years, while everyone else is trapped thinking in days. The headlines change every hour, the price changes every minute, but conviction has a habit of compounding. Sometimes three words tell you everything you need to know. And if you don't know, now you know. Now let's separate fear from facts. Starting with the cold card attack and what actually happened. Here's some updates. And of course, if you missed it, this has been trending all across the crypto sphere. As for the first time in history, cold storage was attacked, but it was through a faulty firmware, which produced improper entropy.
And so it was easy for hackers to ultimately dismantle. And it's very sad. But here's some of the updates. What an effing disaster. It's now $90 million worth of Bitcoin and counting, drained from coal card wallets. If you're not familiar with coal card, it's produced by a company called CoinKite. I have a few of the devices here. And if you're just learning about this now and you're using any CoinKite product, I strongly encourage you to move your Bitcoin immediately, like right now, because this is an ongoing attack and it continues. It's been going on for the past four days, just FYI.
You can see the live chain monitor for the cold card hack here. There's a tracker.
1,433 Bitcoin, gone. Over $90 million worth. It all began, it looks like July 30th, in six waves. It's ongoing and probably only going to get worse. There's probably a lot of cold card users who are just now getting the memo. Maybe they're not on social media every day. Maybe they're on vacation. That's why I would encourage you, if you know anyone who is using self-custody and they're a bitcoiner and you care about them, just make sure they're not using this device because you never know unless you ask.