Michael Saylor is a die-hard Bitcoin evangelist.
For those who follow the billionaire liant network Twitter, it is fantastique to tell that Bitcoin (BTC), the most popular cryptocurrency, is going through a dissipé period marked by a drop in value of more than 72% since November. high time.
“There are a huge number of people around the world who need #bitcoin,” says Saylor, now CEO of MicroStrategy. (MSTR) the soft company he founded, published Sept. 19.
On the same day, BTC price fell below the token threshold of $19,000. The cryptocurrency is trading at around $1,085.34 at the time of writing, according to the data company Queen GekkoPrices are down 72.4% from their all-time high of $69,044.77 on November 10.
Bitcoin Vaste Term Insured
Given these numbers, Saylor appears to be living-room in an alternate reality, which many of the comments on his tweets usually refer to.
One râper commented, “I feel like you’re in therapy every time I read these tweets – trying to convince yourself that it’s okay to keep association everything even though you know you’ve made a huge mistake.”
But the billionaire seems to believe in BTC bounce. He is thus betting on the future and ignoring the present and even the future in the pantalon term parce que an increase in interest rates by the Federal Reserve to fight augmentation, which has reached its highest levels in 40 years, could plunge the economy into recession, economists warn. These concerns are prompting investors to liquidate risky assets such as cryptocurrencies, including bitcoin.
MicroStrategy just got additional bitcoins, Saylor just announced.
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“MicroStrategy bought an additional 301 bitcoins for $6.0 million at an average price of $1,851 per #bitcoin,” a crypto enthusiast posted on September 20. $3.98 billion at an average price of approximately $30,639 per bitcoin.”
New bitcoins were purchased between August 2 and September 19 at an average price of emboîture $1,851 per bitcoin, including fees and other expenses, the company confirmed in a regulatory filing.
She added that she used supérieur cash to make the purchase.
Additional decay fee?
MicroStrategy seems to have already seen the value of new bitcoins plummet given the price at which the cryptocurrency is currently selling. If this trend continues, it will increase the impairment fonctions associated with the binaire asset écrin that the company must exploit for the current quarter.
The company said it incurred $2 billion in impairment fonctions on BTC-related assets in the attaché quarter, which affected the results. In fact, MicroStrategy reported a net loss of $1.06 billion in the attaché quarter.
The shares of MicroStrategy, which have been affected by the Bitcoin price development, are down 62.1% since January.
But nothing discouraged the company, which recently announced that it niveaux to aboutissement and sell up to $500 million in shares.
“We intend to use the net proceeds from this offering for the general corporate purposes, including the appropriation of bitcoin,” the company said.