According to MicroStrategy’s Saylor, every dip is an opportunity to add some more Bitcoins, and the company did just that today, adding 1434 more coins to its coffers.
MicroStrategy disclosed in a Form 8-K filed with the SEC that “between November 29 and December 8, 2021, the Company purchased 1,434 bitcoins for approximately $82.4 million in cash, at an average price of approximately $57,477 per bitcoin, inclusive of fees and expenses.”
The latest acquisition brings the San Francisco-based intelligence firm’s balance sheet balance to 122,478 Bitcoins, which were purchased for approximately $3.66 billion and a medium price of approximately $29,861 per coin.
The latest purchase comes just two weeks after Michael Saylor announced that the firm had purchased an additional 7002 Bitcoins in the final week of November, even as Bitcoin began to recover after falling to $54,000.
Regardless, Saylor, who has quickly evolved into a Bitcoin zealot, has maintained that his primary concern is not the asset’s price, but rather purchasing as much as they can with the funds at their disposal.
Is there too much focus?
Although it is difficult to verify Microstrategy’s wallet balance on-chain, statistical data places the firm among the top five in the Bitcoin Rich list, according to BitInfocharts, since the firm announced its first Bitcoin purchase.
Furthermore, Microstrategy retains the title of the public company with the largest Bitcoin stash, which is nearly three times larger than Tesla, which is in second place with 42,902 coins.
Nonetheless, despite receiving overwhelmingly positive responses, particularly from bitcoin maximalists, MicroStrategy’s recent forays do not sit well with a segment of the internet’s population.
“On the one hand, incredible! However, the concentration of so many Bitcoin in one hand is not a good thing.” After Saylor’s latest disclosure, Jan Wuesten, an on-chain analyst with Crypto Quant, made a comment.
The number of cryptocurrency users expressing dissatisfaction with the concentration of massive amounts of Bitcoin in the hands of a small number of whales has been rapidly increasing. Some commentators, such as Willy Woo, have expressed concern about such whale entities “spoofing” market order books, especially since the crypto sector is largely unregulated.
The tendency for Bitcoiners to focus solely on the asset’s price rather than working to build real use cases on top of the network is also making it difficult for the asset’s price to rise, forcing users to abandon Bitcoin in favor of other projects with “mature participation.”
However, as long as Michael Saylor is in charge, there is no end in sight to Microstrategy’s slowdown in Bitcoin purchases. At press time, BTC is trading at $49,900, down 3% from yesterday’s close due to an Evergrande default.