MicroStrategy recently bought 480 bitcoins, bringing its total to 129,699 BTC. Binance’s CEO says this is a smart decision that will be appreciated later. Now, the corporation pays its board of directors in bitcoins (BTC).
MicroStrategy buys bitcoins during a downturn (BTC)
MicroStrategy’s newest bitcoin (BTC) purchase confirms a two-year buy-down strategy. The software company invested $10 million to enhance its BTC holdings, paying $20,817 each bitcoin.
Binance’s CEO backed MicroStrategy’s Michael Saylor’s approach. Changpeng Zhao tweeted, “Many may laugh at him now, but Saylor will get the last laugh.”
MicroStrategy’s assets are assessed at 129,699 bitcoins, which is outstanding. Software company’s bitcoins cost $3.98 billion. The corporation now pays its board of directors with bitcoins.
The company’s newest acquisition is criticized.
Michael Saylor was attacked for announcing MicroStrategy’s purchase of 480 bitcoins on Twitter. Many cryptocurrency enthusiasts mocked him, wondering how he could acquire bitcoins since the organization is bankrupt. MicroStrategy’s new purchase shows bitcoin loyalty, say analysts.
Justin Waite of the Vox podcast said, “If the markets are horrible, at least you don’t have Michael Saylor’s pocketbook.” He mentioned MicroStrategy’s recent losses. The company’s Bitcoin operation has lost $1.5 billion. The corporation borrowed $205 million in March to buy bitcoins from Silvergate Bank.
After bitcoin prices declined, the company received a $21,000 margin call. MicroStrategy’s CFO said in May 2022 that Bitcoin must halve or approach $21,000 before a margin call. No sign yet that the corporation has answered the margin call.
MicroStrategy has been buy-downing for two years. The corporation just bought 480 bitcoins (BTC) despite the cryptocurrency market’s fall. The crypto community has criticized this acquisition. Binance’s CEO backed Saylor.
