Michael Saylor Shares Cryptic Post, Is Next Bitcoin Buyup in View?

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Michael Saylor Shares Cryptic Post, Is Next Bitcoin Buyup in View? – Crypto News

Published

2 years ago

January 23, 2024

Dripp

MicroStrategy’s former CEO Michael Saylor recently posted a cryptic statement on X that has sparked speculations amongst crypto X community members.

The MicroStrategy Bitcoin Strategy

The post, which had a picture of an apple and BTC logo on it, suggests that Saylor’s firm may be looking at acquiring more Bitcoin. MicroStrategy has a Bitcoin strategy that it has stuck with for the last three years without fail.

Since August 2020, the business intelligence and software firm has been buying Bitcoin at every opportunity, eventually becoming one of the largest Bitcoin holders.

Meanwhile, Bitcoin has been on a bearish movement for a few days due to a number of reasons, including the unusual dump of Grayscale’s GBTC and FTX liquidation. Since the SEC approved eleven spot Bitcoin ETF applications that led to a direct investment in the coin, the price has nosedived by more than 20%.

At first, there was a surge to around $49,000 but it was only a matter of time before Bitcoin began to head for the red line. Currently, the flagship cryptocurrency is trading at $38,781.05 with a 4.48% decrease in the last 24 hours.

Michael Saylor to Make the Most of the Market Dip

Top investors would likely want to fill up their BTC portfolio at this time, taking advantage of the price dip.

Explicitly, it is probably what Michael Saylor might mean with his cryptic post which reads

“Take another bite of the apple. Bitcoin”

Purchasing Bitcoin at the current market price for MicroStrategy may be a good move especially if a bullish rebound follows promptly.

As of December 26, MicroStrategy made a fresh acquisition of 14,620 BTC for approximately $615.7 million bringing the average purchase price per Bitcoin to $42,110. Altogether, the firm’s total Bitcoin portfolio contained 189,150 units, acquired for around $5.9 billion. This brought the average cost per Bitcoin in this extensive holding to $31,168.

With the price of Bitcoin now around $38,000, MicroStrategy might see a reduction in the average cost of each Bitcoin unit in its portfolio. It is worth noting that the Michael Saylor led firm had earlier engaged in the sales of its MSTR shares to acquire more Bitcoin, underscoring a commitment to this Bitcoin strategy.