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Known for his unwavering confidence in Bitcoin and cryptocurrencies, former CEO of MicroStrategy, Michael Saylor, recently published a cryptic statement on the X application that sparked rumors among the crypto X community members.
MicroStrategy Bitcoin Strategy
With a post featuring an apple image and the BTC logo, Saylor drew attention and led to speculation that his company might be considering purchasing more Bitcoin. It is known that MicroStrategy has been following a consistent Bitcoin strategy since the period before the last bull run.
Since August 2020, the giant software company has been seizing every opportunity to buy Bitcoin, becoming one of the largest Bitcoin holders as a result.
Aside from this share, the price of Bitcoin continues to fall due to various reasons, including the events involving Grayscale’s GBTC and FTX. After the SEC approved Bitcoin ETF applications that allow direct investment in cryptocurrency, the price of BTC fell by more than 20%.
At the moment trading began, there was a rise in the price of BTC to around $49,000, but since then, the price has taken a steep dive. As of the time of writing, BTC appears to be stagnant, trading at a similar level to last night’s price, at $39,458.05.
Saylor and Bitcoin Sharing
Saylor and investors like him who know how to benefit from market downturns might be preparing to add to their BTC portfolios. To be clear, what Michael Saylor meant with his cryptic post is likely nothing other than this.
In Saylor’s X post, he included the following words:
Take another bite of the apple. #Bitcoin
If MicroStrategy makes a Bitcoin purchase at the current market price and a quick recovery follows, it could be a great move for the company.
As of December 26, MicroStrategy announced that it had acquired 14,620 BTC for approximately $615.7 million, with an average purchase price of $42,110 per Bitcoin.
The company’s total Bitcoin portfolio is worth approximately $5.9 billion, containing 189,150 BTC. Microstrategy’s average cost per Bitcoin is calculated at $31,168.
If Microstrategy purchases BTC at the $39,000 level, the average cost per Bitcoin in its portfolio could decrease. It was also known that in the past, Saylor had sold company shares to buy more BTC.
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