Faced with the lackluster outlook for the price of bitcoin (BTC), panic is gripping investors. Many of them are increasingly considering the liquidation of their assets. However, some investors remain convinced of the bullish potential of the flagship crypto. This is the case of MicroStrategy, whose founder, Michael Saylor promotes a vast program of acquisition of new bitcoins.
MicroStrategy strongly believes in the recovery of BTC
MicroStrategy, the American software maker, announced that it acquired 301 new bitcoins (BTC) between August 2 and September 19. The transaction brings the company’s total holdings to 130,000 bitcoins. The company thus consolidates its position as the largest holder of bitcoins, listed on the stock exchange. It is ahead of Galaxy Digital, which has 40,000 BTC and Voyager with 12,260 BTC. Tesla, comes in fourth place with around 10,725 BTC.
the acquisition was made at an average price of 19,851 dollars per unit. This corresponds to about $6 million, drawn from the company’s excess liquidities. It should be recalled that at the beginning of the month, MicroStrategy mobilized 500 million dollars announced to be devoted to investment. Now MicroStrategy’s total BTC value is around $3.98 billion, with an average price of $30,639 per bitcoin.
This acquisition surprised the community. This, especially in a context where the majority of analysts expect an upcoming drop in the price of BTC. While some are talking about the possibility of a drop to $14,000, others are predicting a collapse below $10,000. Thus, the MicroStrategy received a lot of criticism after the announcement of the news. Among the most commented on Twitterwe find those of Peter Schiff, a famous no-coiner .
He reminded Saylor that the company he founded has already lost around $1.5 billion from his bitcoin bet. He also suggested shareholders sell their shares while they can. The company’s stock price remains down 84% from its all-time high of $1,315.
On the other hand, the purchase of MicroStrategy was applauded by some BTC followers, who remain convinced that the price will go up.
While bitcoin (BTC) has already lost more than 72% of its value since its ATH of around $69,000 in November 2021 and has only tumbled since the start of the year, MicroStrategy remains convinced that it will bounce back. A conviction that supports his plan to acquire new bitcoins, despite the fall of the crypto. The company has just offered 301 new BTC.
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