Michael Saylor, the Executive Chairman of MicroStrategy said he is bullish on Bitcoin and everyone’s a winner on ‘Team Bitcoin’. This upbeat message comes as Bitcoin (BTC) rose to regain the $71,000 mark after falling below $69,000 in an earlier trading session.
The statement by Saylor when he tweeted seems to express his belief in Bitcoin’s fundamentals at the time of this digital asset price swings. This week has been volatile for BTC and especially today it bounced back. BTC moved to its intra-day high of $71,596 having operated at a low of $68,777 recently.
MicroStrategy’s Massive Bitcoin Holdings and Aggressive Expansion
This recovery comes after a selloff was initiated after Bitcoin tested its March high of $73,750 reaching $73,600 on Tuesday trading price. It fell through Thursday to further corrections on recent advances with many traders locking in realised profits across the space including tokens and crypto-related stocks.
The market gurus have it that with the current trend of ‘Bouncing back’ the soarage could represent new flocking record. BTC is now close to $71,000 again, so investors are hopeful that the coin will surge to new highs.
MicroStrategy continues to be an active kingpin in the crypto market, with a staggering 252220 BTC as of end of September this year. Interestingly, the enterprise software giant has a taken aggressive action to increase its BTC holdings any further and has been claimed to be using banks to help it to solicit a staggering $ 42 billion through stock and debt offerings.
The enormity of this fundraising campaign would let MicroStrategy acquire much larger BTC stakes. In another first, MicroStrategy also revealed another plan for the company to offer new shares of stock up to $21 billion to fund more Bitcoin purchases.
This kind of investment outstrips extended similar investments from other big companies such as Tesla that first opened the corporate world to Bitcoin investment. MicroStrategy’s active and consequent buyback scheme using convertible senior notes and further sales of shares make it one of the most significant institutional investors in the cryptocurrency market.
And if Saylor is right on the money with his daredevil prediction, that the world’s leading software firm is not just heavily invested but is doubling down on Bitcoin, could make MicroStrategy’s latest moves the new standard on Wall Street and beyond for corporate treasurers to closely identify with BTC as a high-value, real-money digital currency.
