Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
⭐ Merited by JayJuanGee (1)
JP Morgan has concern about the way MSTR is buying Bitcoin but Saylor is very loud and clear about his bitcoin buying strategy:
- It's the best investment asset. So the endgame is to acquire more Bitcoin
- Whoever gets the most Bitcoin wins. There is no other endgame
eh..not exactly...BUY bitcoin for cash, don't buy it on a 2.2X perpetual margin.
Margin literally kills accounts.
I agree with @JJG...there is something odd with the guy rn...like, why you want to buy 500mil a week after you bought 800 mil worth.
On Mar 19, 2024 Microstrategy bought 9200 bitcoin for 620 million USD and with that purchase they now have 1% of all bitcoins. 600 Million USD capital was raised via a private offering of 0.875% convertible senior notes due in 2031. Microstrategy now have 214,246 bitcoins with average price of $35,160 - still very much in profit [1].
Look at stock price of Microstrategy for last one month. It has gone up from 687 USD to 1690 USD in less then a month. A gain of 1000 USD.
The point is Saylor strategy about Bitcoin is working.
Image Source
[1] https://bitcoinmagazine.com/business/michael-saylors-microstrategy-9245-btc-620-million