MicroStrategy to Buy $1B Worth of Bitcoins
MicroStrategy is willing to splurge a whopping $1 billion on Bitcoin again. The giant firm had sold $400 million in senior secured notes to buy the top crypto asset in bulk last week. They amassed 11,900 BTC with that amount. MicroStrategy is extremely bullish on Bitcoin and wouldn’t mind selling stocks to invest in cryptocurrencies. According to a report issued by the firm, it wants to sell $1 billion worth of stocks to add to its initial Bitcoin holdings. Before the $500 million investment, it had amassed over 92,000 BTC apart from the personal investment of the firm’s CEO, Michaeal Saylor. Michaeal Saylor had also reported the latest development on his official Twitter page on June 14.
Michael Saylor has been one of the avid supporters of Bitcoin for a long time. He has been indicating his support for the asset and encouraging people to get into cryptocurrencies. Before his pro-crypto stance, he used to be one of the topmost critics of Bitcoin alongside the likes of Warren Buffet long-standing investor, Jamie Dimon, CEO, JPMorgan Chase. Michael Saylor’s pro-crypto stance has pitted him against the billionaire Elon Musk, CEO of Tesla and SpaceX.
Last month, he had berated the latter on his manipulative tendencies towards the crypto market. Elon’s negative influence on the crypto market has been massive lately, which has earned him criticisms from other crypto enthusiasts. In May, he announced that Tesla would no longer receive Bitcoin payments for its electric vehicles owing to issues with Bitcoin mining that bordered on carbon pollution.
MicroStrategy’s Unchanging Pro-Crypto Stance
MicroStrategy is a long-term holder of the top crypto asset, consistently topping its investment on it. The firm had since its first Bitcoin investment, acquired over $1 billion in profits within the first three months of this year following the bull run that saw the price of the asset leap to the All-Time-High (ATH) of nearly $65,000. Despite the 50% decline in the asset’s price following a series of bearish events, including crypto regulations crackdown, the company and its CEO are optimistic about the growth of Bitcoin. The optimism is also shared by the Winklevoss Twins, Tyler and Cameron, who had maintained that they were holding bitcoin till the price touches $500k. The twin brothers had been one of the early investors in the asset and further expressed regret over not buying more.
MicroStrategy’s CEO Michael Saylor to be Part of Bitcoin Mining Council
Michaal Saylor’s interest in Bitcoin exceeds just investing in the asset that he now heads the mining council. He is willing to involve himself in efforts directed at education and public awareness. He had announced in May via a tweet that a Bitcoin Mining Council would be set up to brainstorm viable ways to mine the asset with clean energy. Elon Musk had also insinuated that Tesla would reinstate Bitcoin as a means of payment for its electric vehicles if 50% of energy used in mining Bitcoin comes from clean energy. This announcement also instigated an uptrend in the price of Bitcoin alongside the proposed Taproot upgrade on the asset’s blockchain.
However, Elon’s manipulative tendencies had earned a passive role in the mining council. He was excluded from an active role because he has exerted a negative influence over the market in the past few months. The council’s Frequently Asked Questions (FAQ) page had stated expressly that Elon Musk would not be involved. The Bitcoin Mining Council consists of institutional investors, pro-crypto individuals and groups including miners.
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