- The CEO of MicroStrategy, Michael Saylor, proves that old habits die hard with his company’s latest Bitcoin acquisition.
- MicroStrategy’s most recent purchase was worth $15 million, bringing the valuation of Bitcoins owned by the firm to $5.29 billion.
- MicroStrategy was the first company to begin the institutional purchasing of Bitcoin, lighting the way for firms like BNY Mellon (NYSE:BK) and Tesla (NASDAQ:TSLA).
- The latest purchase coincides with the decision of Elon Musk to stop Tesla from accepting Bitcoin as a mode of payment for its vehicles.
The latest Bitcoin acquisition by Michael Saylor’s firm Microstrategy (NASDAQ:MSTR) indicates that its belief that the cryptocurrency is the future has not waned over the years.
This purchase firmly places MicroStrategy as the foremost institutional investor in Bitcoin after scooping up $15 million worth of the cryptocurrency to increase their holdings. Saylor, a vocal supporter of Bitcoin, has over 860,000 followers on Twitter, where he updates users about his latest acquisitions.
MicroStrategy Just Can’t Stop Buying
MicroStrategy has announced the purchase of 271 Bitcoin, valued at 15 million dollars. The Virginia-based business made the purchase at an average price of $55,387 to increase its holdings. At the moment, MicroStrategy holds 91,850 BTC, which is valued at over $5 billion, accounting for 0.437% of the total amount in circulation.
MicroStrategy disclosed the new acquisition through the SEC. The message was amplified by Michael Saylor’s tweet, which has gone on to accumulate 41,000 likes and over 8,000 retweets.
The acquisitions by MicroStrategy are a reflection of Saylor’s belief in Bitcoin. He sees Bitcoin as a prolific store of value in the face of an ever-weakening dollar. As proof of Saylor’s unwavering faith in Bitcoin, MicroStrategy has even gone so far as planning the purchase of $650 million worth of Bitcoin through the sale of convertible notes.
The decision of MicroStrategy to buy more Bitcoin coincided with the announcement by Elon Musk that Tesla will no longer accept the cryptocurrency as payment for its vehicles over concerns that Bitcoin energy consumption is not healthy for the planet.
On the Flipside
- MicroStrategy stock went downhill, despite the firm’s announcement that it had purchased $15 million worth of Bitcoin.
- The company’s shares fell by 10% following Bitcoin’s price drop.
- This comes after Elon Musk’s U-turn, which saw Tesla stop accepting Bitcoin for the purchase of its vehicles.
Michael Saylor: The Bitcoin Forerunner
Michael Saylor, 56, is the co-founder of MicroStrategy and a crypto enthusiast who does not shy away from sharing his thoughts about Bitcoin. He has gone on to accumulate a sizable social media following, with over 800,000 Twitter followers, and a net worth of $2.1 billion.
In keeping with the mantra of “Bitcoin is the future,” his company, MicroStrategy, the largest independent, publicly-traded intelligence company, has gone on a Bitcoin buying spree. In February, the firm announced the purchase of 19,452 BTC for $1.026 billion and went on to make further purchases to bolster its holdings.
The actions of Saylor and his company have opened the floodgates for a whole new wave of institutional investors to make cryptocurrency investments. Most notably, Tesla, which purchased $1.5 billion worth of Bitcoins in February.
To refer to Michael Saylor as a Bitcoin fan is an understatement. Saylor may be described as a Bitcoin evangelist, in light of him drumming up support for the cryptocurrency through his tweets and interactions with his followers and high-level executives.
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