Billionaire Michael Saylor makes substantial investment, spending nearly $2 billion on market downturn.
Michael Saylor's Continued Bitcoin Bet Amid Market Pessimism
Michael Saylor, CEO of Strategy (formerly MicroStrategy), has once again demonstrated his bullish stance on Bitcoin by purchasing 22,048 Bitcoin for approximately $1.9 billion. This latest acquisition brings Strategy's total Bitcoin holdings to approximately 639,000 BTC, worth over $73 billion.
Despite this significant investment, the market seems to be unable to respond positively. The price of Bitcoin did not significantly increase following this purchase, suggesting a downbeat market and a potential bear market price.
Saylor, however, remains optimistic. In a recent interview with Coindesk, he stated that the launch of Bitcoin has been successful, and what comes next is unstoppable. He believes other countries will have no choice but to accept Bitcoin as a global capital unit.
Strategy's average purchase price of Bitcoin is approximately $67,458, with the latest purchase averaging around $87,000. At the current price of around $83,400, Strategy is $4.3 million in the red with the latest purchase. However, overall, the company is still in the black with its Bitcoin holdings, by around $8 billion or 23%.
The current state of the US economy, with its macroeconomic issues, is a significant factor in the lack of response in the price of Bitcoin. The recently signed 'Inflation Reduction Act' by President Biden introduces a 15% tax on 'book income' of companies exceeding $1 billion, which could potentially impact the market.
Saylor also predicts that the US will aggressively work to become the global crypto hub. This latest Bitcoin purchase is being referred to as 'buying the dip', a strategy that involves purchasing an asset at a lower price with the expectation of its future increase.
Strategy's Bitcoin holdings are almost as much as Blackrock's total assets and more than half as much as the total Bitcoin supply created by Satoshi Nakamoto. Despite the current market conditions, Saylor's continued investment in Bitcoin underscores his belief in its potential as a global capital unit.
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