Known for his unwavering confidence in Bitcoin and cryptocurrencies, former CEO of MicroStrategy, Michael Saylor, recently published a cryptic statement that sparked rumors among the crypto community members on the X application.
MicroStrategy Bitcoin Strategy
A post featuring an apple image and the BTC logo drew attention, leading to speculation that Saylor’s firm 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 purchase 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 events related to 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 time of the transaction, there was a rise in the BTC price to around $49,000, but since then, the price has taken a steep dive. As of the time of writing, BTC seems stagnant over the last 24 hours, finding buyers at a level of $39,458.05, similar to its price the previous evening.
Saylor and His Bitcoin Post
Saylor and investors like him, who know how to take advantage of market downturns, may 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 his X post, Saylor stated:
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, in the latest announcement, MicroStrategy had purchased 14,620 BTC for approximately $615.7 million, revealing an average purchase price of $42,110 per Bitcoin.
The company’s total Bitcoin portfolio is worth approximately $5.9 billion, holding 189,150 BTC. Microstrategy’s average cost per Bitcoin is calculated at $31,168.
If Microstrategy makes a purchase at the BTC level of $39,000, the average cost for each Bitcoin in its portfolio could decrease. It was also known that in the past, Saylor had sold company shares to purchase more BTC.
