According to MicroStrategy’s Saylor, every dip means an opportunity to add some more Bitcoins, and true to his words, the company added 1434 more coins to its coffers today.
As per a Form 8-K filed with the SEC, MicroStrategy disclosed that during “the period between November 29 and December 8, 2021, the Company purchased 1,434 bitcoins for approximately $82.4 million in cash, at an average price of approximately $57,477 per bitcoin, inclusive of fees and expenses.”
The latest purchase puts the San Francisco-based intelligence firm’s balance sheet balance at 122,478 Bitcoins which were acquired at circa $3.66 Billion and a medium price of approximately $29,861 per coin.
The latest purchase comes bearly two weeks after Michael Saylor announced that the firm had purchased an additional 7002 Bitcoins in the last week of November, even as Bitcoin showed signs of making a recovery after dipping to $54,000.
Be that as it may, Saylor, who has fast evolved to become a Bitcoin diehard has maintained that his consideration is not the asset’s price but buying as much as they can with the funds available at their disposal.
Too much concentration?
Although it is hard to verify Microstrategy’s wallet balance on-chain, since the firm announced its first Bitcoin purchase, statistical data puts it among the top five in the Bitcoin Rich list according to BitInfocharts.
Furthermore, Microstrategy retains the title of the public company with the largest stash of Bitcoin and almost three times larger than Tesla which holds the second position with 42,902 coins.
Be that as it may, MicroStrategy’s recent forays despite receiving huge positive responses especially from bitcoin maximalists does not sit well with a section of netizens.
“On the one hand amazing! But the centralization of so many Bitcoin in one hand is also not that much of a positive.” Jan Wuesten, an on-chain analyst with Crypto Quant commented after Saylor’s latest disclosure.
The number of crypto users expressing their discomfort at the concentration of huge amounts of Bitcoin to a small number of whales has been rising meteorically. Some pundits such as Willy Woo have expressed their concerns over such whale entities “spoofing” market order books especially now that the crypto sector remains largely unregulated.
The tendency for Bitcoiners to only focus on the asset’s price rather than working around building real use cases on top of the network is also becoming a painstaking ordeal for the asset’s price to grow, forcing users to ditch Bitcoin for other projects with “mature participation.”
That said, there is no end in sight to Microstrategy slowing down on its Bitcoin purchases as long as Michael Saylor leads. At press time BTC is trading at $49,900, -3% down from yesterday’s close in the wake of an Evergrande default.
I’ll immediately seize your rss as I can not to find your e-mail subscription hyperlink or newsletter service. Do you have any? Kindly let me know so that I may just subscribe. Thanks.
Hello there! Quick question that’s completely off topic. Do you know how to make your site mobile friendly? My blog looks weird when viewing from my iphone 4. I’m trying to find a theme or plugin that might be able to fix this problem. If you have any suggestions, please share. Thank you!
This blog is definitely rather handy since I’m at the moment creating an internet floral website – although I am only starting out therefore it’s really fairly small, nothing like this site. Can link to a few of the posts here as they are quite. Thanks much. Zoey Olsen
Hello.This post was really interesting, especially since I was searching for thoughts on this subject last Saturday.
I really enjoy reading through on this web site, it contains good blog posts. “Don’t put too fine a point to your wit for fear it should get blunted.” by Miguel de Cervantes.
994978 324093I truly enjoy examining on this site , it has great content . 788240
Have you ever thought about including a little bit more than just your articles? I mean, what you say is important and everything. However just imagine if you added some great graphics or video clips to give your posts more, “pop”! Your content is excellent but with pics and video clips, this site could certainly be one of the best in its niche. Terrific blog!
Hello there, You’ve done an excellent job. I will certainly digg it and in my view recommend to my friends. I’m confident they will be benefited from this site.
Having read this I thought it was very informative. I appreciate you taking the time and effort to put this article together. I once again find myself spending way to much time both reading and commenting. But so what, it was still worth it!
There is perceptibly a bundle to identify about this. I assume you made some nice points in features also.
Greetings! I know this is kinda off topic but I was wondering which blog platform are you using for this site? I’m getting fed up of WordPress because I’ve had issues with hackers and I’m looking at alternatives for another platform. I would be awesome if you could point me in the direction of a good platform.
984164 328002You need to take part in a contest for among the best blogs on the web. I will recommend this internet site! 27219
252047 862356I discovered your weblog post internet internet site on the search engines and appearance several of your early posts. Always preserve the top notch operate. I additional the Feed to my MSN News Reader. Seeking forward to reading much a lot more on your part down the line! 482328