Barely Done Here - Microstrategy acquires additional 13,005 Bitcoins

Hello friends, the only thing that's not presently bleeding in my portfolio are my Splinterlands cards, while the rest of the market is down, the worth of my entire deck is up, a win for Splinterlands. Word on the street has it that this dump is coming from China as all Bitcoin mining operations are to be halted today. How bad is this for Bitcoin? On a scale of 10, I'll say 8....Short term and 2...long term.

8/10 short term because I’m thinking most affected miners are being forced to capitulate and sell off some bitcoins to cover either cost of migration or to cover up for the capital loaned from banks to run their mining operation, and market shorters will want to capitalize on the down trend for some profit, plus the FUD generated will in turn make other feather handed holders sell off.

However, all this will only be short-lived because migration won't take forever and it is overall good that mining concentration in China will be diluted and other areas where mining is more environmentally friendly will become occupied as miners find new homes. It'll only take a few months for mining to resume back in full force. Also, feather handed holders are only giving more room for deep pockets to buy in cheap.

Moreover, I can bet that there are institutions on the line waiting to gobble up some cheap bitcoins, speaking of which, Microstrategy just announced another hefty purchase of 13,000 Bitcoins, seriously though, Micheal Saylor is killn’ it! Damn!

TYSONS CORNER, Va., June 21, 2021-- MicroStrategy® Incorporated (Nasdaq: MSTR), the largest independent publicly-traded business intelligence company, today announced that it had purchased an additional approximately 13,005 bitcoins for approximately $489 million in cash at an average price of approximately $37,617 per bitcoin, inclusive of fees and expenses.
Source

We are barely done here, fundamentals prove it, governments prove it, developments prove it, China may be done here, but only at their detriment, 1 Bitcoin remains 1 Bitcoin. That's all I have to say.

Thanks for reading.

Posted Using LeoFinance ^Beta