MicroStrategy Takes Up A Buying Opportunity In The Weekend Dip; Buys $489 Million Worth Of Bitcoin

Virginia-based MicroStrategy – probably one of the most advertised companies in the news of late, now holds a total of 105,085 bitcoins following a recent purchase of $489 million worth of Bitcoin. The company has now spent an aggregate of $2.741 billion to buy all of its BTC holdings according to the announcement.

The latest purchase is indicative of the bullish nature of the company towards the digital asset. In fact, the company CEO Michael Saylor is all-time Bitcoin bullish, which explains the firm’s latest strategy. The company just raised $500 million from a bond sale to just buy more Bitcoin and appears that it will still buy more. It now owns more Bitcoins than any other company in the world.

This move by Michael Saylor and his team is a shock to many. It comes amid a sell-off over the weekend even as the famous “death cross” was reached during the weekend, potentially signaling the official arrival of a bear market. Nearly $200 billion was wiped from the cryptocurrency market since Sunday. Additionally, Bitcoin price is now 20% down in the past 7 days. Many are associating the weekend price tumbling to China’s continued crackdown against mining farms.

BTCUSD Chart By TradingView

Peter Schiff, CEO of Euro Pacific Capital and a long-term gold investor called the move pretty bearish although he sort of scoffed it now that the price was dropping. The scoff from the long-time Bitcoin critic came after Saylor advised him to buy Bitcoins, add #Bitcoin to his Twitter bio, and get some decent Bitcoin laser eyes to “continue on his winning streak.” Saylor was responding to an earlier announcement by Schiff that he now had his Twitter name verified. 

Yet, although critics feel that Bitcoin price is ended in the wrong direction and could crash any time soon, it could be an opportunity for people like Saylor to buy low – and accumulate more. For instance, the company bought the Bitcoins at an average price of $37,617 per bitcoin, inclusive of fees and expenses.