• Microstrategy purchases $489 million worth of Bitcoin, bringing its total holdings to over 100,000 bitcoins

  • On Monday, Microstrategy, an independent, publicly traded business intelligence firm, announced the purchase of 13,005 bitcoin for $489 million in cash. Michael Saylor, the company’s CEO, announced the latest purchase on Twitter, and the company now has more than 100,000 bitcoins on its books.

    Microstrategy now has 105,085 Bitcoin in its possession. Microstrategy, led by Michael Saylor, now owns about 105,085 bitcoins, which it purchased for $2.741 billion. Using the purchasing average, the corporation claims it paid about “$26,080 per bitcoin, inclusive of fees and expenses” for all of the BTC.

    Microstrategy CEO Michael Saylor informed his 1.2 million Twitter followers about the deal, as is customary. On Monday morning, Saylor noted, “As of 6/21/21, we #hodl 105,085.”

    Microstrategy’s bitcoin buy announcement did not impress everyone, and some people, such as Peter Schiff, made sarcastic remarks. Schiff responded to Saylor’s tweet on Monday, saying, “That’s pretty bearish that you already bought all that bitcoin and the price keeps plummeting regardless.”

    Consider where the price of bitcoin would be today if Elon Musk, Michael Saylor, Barry Silbert, and all the other bitcoin elites and their financial media friends hadn’t spent the last six months convincing retail and institutional investors to buy their worthless tokens,” Schiff said the day before, as bitcoin’s price began to plummet.

    Sven Henrich of Northman Trader reacted to Saylor’s announcement as well. “Recognize the conviction. However, given the rising price average and applied leverage, what is the risk profile/consequence if bitcoin falls below the average holding price?” Henrich posed the question to Microstrategy’s CEO.

    When questioned if Saylor’s pick turned out to be a good one, the Northman Trader added his two cents. Henrich responded, “I’m not saying he’s wrong.” “I’m just curious about the risk profile if the price falls below the average holding price.”

    Price Continues to Fall Below Microstrategy’s Purchase The PBOC’s Most Recent Crypto Notice The acquisition of 13,005 BTC by Microstrategy follows recent news from China’s central bank. The People’s Bank of China (PBOC) sent a notice to a number of financial institutions on June 21, 2021, about crypto transactions.

    BTC has lost 4% in the last 24 hours and is now trading slightly above the $32K level. In other words, the price has dropped below the per-coin amount paid by Microstrategy for this most recent BTC acquisition.

    Other bitcoin supporters reacted to Saylor’s post as well. Jameson Lopp, a software developer, tweeted, “Time to deploy the next billion.” “Fixed it: Time to deploy the next borrowed billion,” one person joked in response to Lopp’s statement.

    “Unfortunately, contrary to popular belief, one cannot keep buying the dip indefinitely,” one person said to the throngs of fans urging the Microstrategy CEO to “keep buying the dip.”

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