MicroStrategy scoops up 480 Bitcoin amid market slump | Crypto Craft

  • MicroStrategy scoops up 480 Bitcoin amid market slump

    From cointelegraph.com

    Business intelligence firm MicroStrategy has added to its Bitcoin (BTC) holdings, reaffirming CEO Michael Saylor’s bullish outlook on the digital asset despite its recent struggles. In a Form 8-K filing with the United States Securities and Exchange Commission (SEC), Microstrategy disclosed that it had acquired an additional 480 BTC at an average price of roughly $20,817. The total purchase amount was $10 million in cash. With the purchase, MicroStrategy now holds 129,699 BTC, making it the largest corporate holder of Bitcoin. The total value of its holdings is roughly $3.98 billion. The business intelligence firm ... (full story)

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Goat
Jun 29, 2022 11:28am
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Goat
Jun 29, 2022 12:09pm
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The only way I can make sense of this is to think that Saylor believes his level of conviction affects the price of BTC. Rookie makes rookie mistake -- no surprise there.
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kleokl7
Jun 29, 2022 3:15pm
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If anything he keeps buying BTC to show that:

1. He's not willing to sell at a loss, and has strong conviction the price will recover at some point.
2. Lenders are still willing to fund BTC buys for him.
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ohyeah
Jun 29, 2022 12:56pm
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I'll buy into this Ponzi scheme with some lunch money around 10-12K.
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