By
Bena Ilyas
April 25th, 2024
For MicroStrategy, Bitcoin is still the top digital currency, despite the downturn in market trends and volatility. And according to Binance CEO, there is common sense in such a position and Bitcoin-related decisions made by Michael Saylor.
American provider of business intelligence (BI), mobile software, and cloud-based services MicroStrategy Incorporated (NASDAQ: MSTR) keeps investing in Bitcoin (BTC), with its last purchase of the currency worth $10 million. And while some are laughing at MicroStrategy CEO Michael Saylor who strongly believes in Bitcon’s future, Binance founder and CEO Changpeng Zhao says that it will be Saylor to get the last laugh.
Many may laugh at him now, but Saylor will get the last laugh in time.
Bookmark this tweet. https://t.co/K8lZPCFc0J
— CZ 🔶 Binance (@cz_binance) June 29, 2022
According to yesterday’s filing released by MicroStrategy, the company acquired an additional 480 Bitcoin worth about $10 million, at an average price of approximately $20,817 per bitcoin. As a result, the total amount of BTC owned by MicroStrategy is approximately 129,699 Bitcoins.
With the constant investing in BTC, MicroStrategy CEO is ridiculed, taking into consideration the recent decline experienced by the leading cryptocurrency. Bitcoin has been trading within a tight range in the last two weeks, being unable to make a move much above $22,000. Other cryptocurrencies are struggling as well, losing in price due to the bear market. Notably, the crash in prices over the last few weeks has wiped off billions of dollars of value from the cryptocurrency market and exposed major liquidity issues at firms across the industry.
However, for MicroStrategy, Bitcoin is still the top digital currency, despite the downturn in market trends and volatility. And according to Binance CEO, there is common sense in such a position and Bitcoin-related decisions made by Michael Saylor.
MicroStrategy’s Bitcoin Ambitions
MicroStrategy strongly believes in Bitcoin’s potential. Back in August 2020, the company announced that it would make Bitcoin its Treasury Reserve Asset. And since then, the company has been investing millions and billions of dollars in the premier digital currency.
Under its founder and CEO, Michael Saylor, the company has issued Convertible Senior Notes. Earlier, in March, took out a $205-million loan from Silvergate Bank through the bank’s SEN leverage program to finance its BTC purchases. Notably, this is the largest loan secured by any Bitcoin holding company.
Believing that Bitcoin is the future of money, Saylor said that Bitcoin’s near-term volatility becomes largely irrelevant once one understands Bitcoin’s fundamentals. In other words, the current plunge is temporary, and BTC has to fall at least 95% for his company to consider doing anything about it.
The company’s plan is to continue buying Bitcoin, even if it reaches the top. Besides, Michael Saylor assured MicroStrategy investors to not get disturbed by explaining that the company has enough provisions to deal with such a market crisis.