Did MicroStrategy Buy The Bitcoins You Panic Sold at $50k?

Michael Saylor, CEO of Microstrategy, must have thought ‘hold my beer’ when he saw Jack Dorsey’s announcement that Square had purchased some additional $170 million in Bitcoin. Saylor, who’s a hero to the crypto community at the moment, pulled out his own ace card and claimed that his company had purchased an additional $1 billion in Bitcoin, bringing his total to $2 billion.

As a reminder, it was Saylor who nudged Elon Musk to buy Bitcoin for Tesla’s portfolio in December already. The world’s (almost) richest man even admitted in the past weekend that Bitcoin’s price by then seemed ‘too high’.

Higher price than Square

Microstrategy bought the best known cryptocurrency at a somewhat higher rate than Square did.

Saylor announced: MicroStrategy has purchased an additional ~19,452 bitcoins for ~$1.026 billion in cash at an average price of ~$52,765 per #bitcoin. As of 2/24/2021, we #hodl ~90,531 bitcoins acquired for ~$2.171 billion at an average price of ~$23,985 per bitcoin.

Crypto commentators, who were this week wondering whether the crypto plunge witnessed on Monday and Tuesday would turn into a full blown depression, went into overdrive and hailed the Microstrategy CEO, assured that more stock-listed companies would follow his lead.

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