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Rapper Drake Posts Michael Saylor's Bitcoin Video to His 146M Instagram Followers
Michael Saylor said that bitcoin will “eat gold” in an interview with CNBC on Monday.
Updated Mar 12, 2024, 3:30 p.m. Published Mar 12, 2024, 2:31 p.m.
- Grammy-award-winning musician Drake posted a clip of Michael Saylor speaking about bitcoin on his Instagram account on Tuesday.
- The rapper was previously active in the digital assets space when he placed bets for the 2022 Super Bowl through bitcoin and as an ambassador for crypto Grambling site Stake.
Canadian rapper Drake on Tuesday shared a clip of Michael Saylor’s interview on CNBC on his Instagram account, reaching over 146 million followers.
Drake, who goes under the username “champagnepapi” on the social media app, reshared a clip from bitcoin_memes_daily, which captioned the video “Michael Saylor on Bitcoin.”
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Saylor on Monday told CNBC that bitcoin would “eat” gold as it is the superior asset. In the clip posted by Drake, he specifically spoke about bitcoin’s use case as a store of value rather than a medium of exchange.
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Celebrities endorsing crypto has been a trend during the last bull market, including Larry David's now famous FTX Super Bowl ad - which he later regretted. This time around, however, there haven’t been too many celebrities and influencers who have been shilling crypto to the masses. Drake's post likely would mark one of the first large-scale endorsements of any kind during this bull market and may pique retail investors' interest back into the digital assets market.
Drake is posting Bitcoin memes on Instagram
— LilMoonLambo (@LilMoonLambo) March 12, 2024
Retail is officially back pic.twitter.com/6cmVbRQ19A
The Grammy-award-winning rapper has been previously active in the crypto sector as an ambassador for crypto gambling site Stake. He also placed a series of bets for the 2022 Super Bowl using bitcoin.
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CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
What to know:
Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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