Microstrategy buys the dip

Bitcoin, the largest cryptocurrency by market cap, might be down 70% from its all-time high, but MicroStrategy and its CEO, Michael Saylor, remain bullish.

On Wednesday, MicroStrategy revealed via a blog post that it had purchased 480 Bitcoins for about $10 million from May 3 to June 28. The company now holds a total of approximately 129,699 Bitcoins, which were acquired for about $3.98 billion, the company said.

Their CEO, Michael Saylor also took to Twitter to share about his company’s latest acquisition. 

“MicroStrategy has purchased an additional 480 bitcoins for ~$10.0 million at an average price of ~$20,817 per #bitcoin. As of 6/28/22 @MicroStrategy holds ~129,699 bitcoins acquired for ~$3.98 billion at an average price of ~$30,664 per bitcoin. $MSTR https://t.co/leQYTXn817” Michael Saylor via Twitter

Saylor, a Bitcoin whale has long supported the cryptocurrency, even during the latest market downturn.

When Bitcoin plunged to $20,000 in June, reports circulated that MicroStrategy might face margin calls on its Bitcoin-backed Silvergate loan. Saylor dismissed the claims and vowed to buy more Bitcoin in mid-June even as MicroStrategy’s Bitcoin holdings sunk by as much as $1 billion underwater. 

The crypto whale is a vocal supporter of Bitcoin and constantly voices his love for the cryptocurrency via his Twitter account. Earlier this week, he tweeted, “Bitcoin is the only investment-grade cryptocurrency.” He later added, “Stay humble. Stack sats,” referring to Satoshis, which are the smallest fractional shares of Bitcoin.

Things are still looking grim for the crypto world but investors are holding strong despite major liquidations.

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