Michael Saylor, executive chairman of MicroStrategy, the US-listed company that owns the most Bitcoin, tweeted yesterday (20) that the company is sweeping up the market once again, dropping $6 million in Bitcoin purchases straight out of the gate.
MicroStrategy Buy Bitcoin
Saylor tweeted"MicroStrategy currently holds 130,000 Bitcoins with a total investment of $3.98 billion.Bitcoin prices have performed poorly in a bear market, theMicroStrategy The average price of admission was approximately $30,639, and the companyInvestments in Bitcoin have fallen sharply in dollar terms, with losses on the books reaching $1.5 billion. MicroStrategy's share price has fallen from a high of $891 in November last year to just $196.6 today. The current price of Bitcoin is around $18,910.
The last time MicroStrategy bought coins was at the end of June this year, when they spent $10 million on 480 Bitcoins, but it's not a coincidence that they bought 301 Bitcoins this time around, which would bring their holdings up to a full 130,000 Bitcoins.The company now holds 0.62% (130,000 grains) of the total Bitcoin supply.
Response from Peter Schiff, the master of downplaying
Well-known gold bull and Bitcoin skeptic Peter Schiff has never been a big fan of cryptocurrencies, and has been making negative comments about Bitcoin for the past ten years, and has even been vocal about the eventual collapse of the currency. Shortly after Michael Saylor's tweet, Peter Schiff left a comment:
"Basically, your company has lost about $1.5 billion (40%) in this Bitcoin bet. However, if you do try to sell, Bitcoin will crash, resulting in even higher actual losses. MicroStrategy's involvement in Bitcoin was a disaster from the beginning. The company's shareholders should sell as soon as possible."
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