Another Bitcoin Shopping Spree From Michael Saylor
At least this has given a little hope to the crypto community and a lot of power to Microstrategy. Michael Saylor just announced on Twitter that his company Microstrategy just bought 5,050 bitcoins. This is a lot of bitcoin and it was paid for in cash for $242.9 million. Microstrategy has been stacking up and buying lots of bitcoin since 2020 and they are not stopping anytime soon. You can imagine how much profit has been made since their bitcoin buying and stacking for a year now.
Michael Saylor stated that the number of bitcoin acquired by the company is 114,042. That’s a lot, and if my maths is right that’s like 0.54% of the total 21 million supply of bitcoin and 0.633% of the 18 million circulating supply of bitcoin. Making their total bitcoin holding worth $3.16 billion which is greater than that of Tesla. If am wrong and stand corrected I think they are the highest in terms of bitcoin holding compared to other companies holding bitcoin.
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In a space of 3 months the company has succeeded in buying more than 8,000 bitcoin and this is just between the month of July and September. This cost the company approximately $400 million. It’s nice that they have made a self respecting name for theirselves in the cryptocurrency community being the first publicly traded company to invest in bitcoin. I think this gave other companies the confidence and motivation to dive into the bitcoin investment.
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While Michael Saylor stay stacking his bitcoin, some people still feel it’s just a market manipulation to pump the price so high so he can dump all his holdings.
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