Microstrategy loads up on 480 more Bitcoin; Details

Sahana Kiran
Source – Unsplash

Bitcoin [BTC] and its latest plummet to a low of $20K has been dreadful for many. However, the bear market seemed beneficial for those who wanted to fill their reserve. Retail investors often steer away from the market while bears get comfortable. However, most institutional investors who already entail a significant holding continue accumulating more coins. Microstrategy has dived into the market every time Bitcoin plummets. Once again, using BTC’s latest slump, the firm went on to buy $10 million worth of BTC.

Michael Saylor, the Microstrategy’s CEO, has repeatedly expressed interest in Bitcoin. Revealing the firm’s latest purchase, Saylor tweeted,

This purchase was made over the last couple of weeks. At present, Microstrategy holds 129,699 coins. The latest investment was made between 3rd May 2022 to 28th June 2022. During this time, Microstrategy purchased Bitcoin at an average price of $20,817 per coin.

Microstrategy’s latest purchase did not come as a surprise to the community. Yet, several questioned this move as the firm was already down by $1.34 billion on its Bitcoin purchases.

FatMan, Terra whistleblower, replied to Saylor’s tweet and wrote,

“You will go down in history as a great hero or a great fool. In either case, you will forever be remembered. Godspeed, sir.”

While this certainly is a significant process, several have highlighted retail investors’ importance in the market. Tom Loverro, the former board member at Coinbase, tweeted,

‘There’s no bigger Bitcoin bull than Michael Saylor,’ the crypto community says

Throughout the bear market, several lost trusts in the king coin. The fact that it failed to move beyond $21K and kept plummeting below $20K scared many off. Meanwhile, Saylor suggested that Bitcoin was a lifeboat. He even said the current market condition was an ideal entry point for the king coin. Appearing in an interview, he said,

Saylor would prolong his interest and investment in Bitcoin until the very end. Earlier today, BTC even dropped down to $20K. However, at press time, the asset was trading for $20,036 with a 4.68 percent daily drop.