As a seasoned crypto investor with a knack for spotting trends and a dash of reckless abandon when it comes to my investments, I find myself intrigued by Michael Saylor’s relentless Bitcoin buying spree. The man is like a dog with a bone, only instead of a bone, he’s got Bitcoin, and instead of a yard, he’s got the entire financial world as his playground.
Michael Saylor, a co-founder of MicroStrategy, has justified their recent Bitcoin acquisitions by stating that people who aren’t investing in the leading cryptocurrency during peak times might be missing out on potential profits.
According to U.Today’s report, the Virginia-based data analysis company made its 17th consecutive weekly Bitcoin purchase this past Monday, investing over half a billion dollars in total. The average cost per Bitcoin was approximately $107,000.
Saylor has always been upfront about his willingness to buy Bitcoin at the top, rejecting the idea of trying to time the market.
Speaking on the PBD Podcast, I reaffirmed my forecast that the value of Bitcoin will ultimately reach an astounding $13 million. This prediction is rooted in my ongoing analysis and understanding of the digital currency market.
BTC you don’t buy is going to cost you $13 million, my friend,” he said.
Yet, even with Saylor’s history of silencing his critics, some were taken aback by MicroStrategy’s recent average buy price being almost identical to Bitcoin’s local peak. On December 17, the largest cryptocurrency reached a high of $108,135 before falling drastically to the $92,000 mark. Today, it dipped as low as $92,441 during intraday trading.
Peter Schiff, a known critic of Bitcoin, has implied that MicroStrategy might be running out of resources to continually support Bitcoin’s value. He pointed out that their recent acquisition was the smallest in months, and moreover, this was the first instance where the average purchase price for the Bitcoin they bought exceeded the market price on the day they announced the purchase.
Saylor is unlikely to be deterred by this criticism, and MicroStrategy is now on track to hold a shareholder vote to increase the number of authorized Class A shares to 10.33 billion.
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2024-12-24 09:30