MicroStrategy announced on the 29th of June, additional purchase of 480 bitcoins
This chunk of bitcoin was purchased at a price of USD 20,817. MicroStrategy now has 129,699 bitcoins purchased at the cost of USD 30,664 per bitcoin on average.
As per the Bloomberg article, Michael Saylor CEO of MicroStrategy started purchasing bitcoin in August 2020.
Saylor is a vocal supporter of bitcoin and a leading voice in this space. He co-founded MicroStrategy in 1989 with his MIT batchmates, Thomas Spahr and Sanju K Bansal. Although found and operating as an enterprise provider of business intelligence, big-data and cloud-based services, MicroStrategy has become synonymous with Bitcoin with its acquisition strategy.
MicroStrategy’s Michael Saylor has become a leading voice in the growth and adoption of Bitcoin. He is a frequent proponent of bitcoin in mediums such as YouTube and Twitter.
Michael Saylor has given us many classics and one-liners which in days to come will become some of the greatest quotes on bitcoin.
Some of his quotes are:
- Bitcoin is hope
- Bitcoin is strategy
- Bitcoin is digital gold.
- Bitcoin is the antidote to chaos.
He has called Bitcoin a digital scarcity backed by world’s most secure computer network and meeting the fundamental need everyone has for a long-term store of value.
While buying Bitcoin and pursuing it as a strategy, Michael is following a #HODL strategy.
MicroStrategy is a publicly listed company, and their bitcoin acquisition strategy is there for everyone to see. You can refer to their investor presentation https://www.microstrategy.com/content/dam/website-assets/collateral/financial-documents/events-presentations/Q1-2022_microstrategy-earnings-presentation.pdf to have a deeper dive into their strategy as of Q1 2022.
MicroStrategy has continued to acquire bitcoin through bitcoin backed term loan, using two sets of convertible bonds and by issuing corporate debt over the last two years.
Some call Michael’s strategy as a stroke of genius while others a high stakes gamble. Whatever it is, for sure, Michael and MicroStrategy is spearheading the adoption of bitcoin with a long-term approach. In few years-time, this could be the greatest move in corporate history. Time will tell.
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