Although the market is down, some investors continue to bet on the said cryptocurrency. Among these, Microstrategy. In fact, the company recently revealed a plan to buy bitcoin (BTC) that should restore the status of Michael Saylor’s company.
Microstrategy and bitcoin, always longer!
The love story between Microstrategy and bitcoin (BTC) does not seem ready to end. Although the crypto market maintains a bearish trend, the company founded by Michael Saylor is staying the course and increasing its coffers. In fact, many investors remain positive on the price of the main cryptocurrency.
However, Saylor would be the god of DCA (Dollar Cost Averaging, a strategy for accumulating long-term financial assets) if there was one. On September 10, the crypto company released a statement announcing the completion of a $ 500 million fundraising. The latter is part of a private issue of financial securities intended for institutional clients.
These securities will be used mainly for future bitcoin purchases for a total amount of $ 488 million. Therefore, Microstrategy plans to add 23,000 BTC at a price of 21,300 dollars to its reserve, which would then be about 92,000 BTC. Although bitcoin is not yet unanimous, the company plans to continue the momentum of its founder. And this new buying plan is undoubtedly an important first step.
BTC king maintains his position
Nothing will be able to prevent Michael Saylor from achieving the goal he set for himself when he started in the crypto sector. Although he is no longer the CEO of Microstrategy, the latter maintains control over the bitcoin (BTC) strategy and this is quite normal. The relationship between the billionaire and the king of cryptocurrencies doesn’t seem to be changing over time.
On the contrary, the links are getting stronger and stronger. Despite the current turmoil in the markets, it continues to support the flagship asset and promote it on its networks. Currently, bitcoin is down 69% from its ATH last year. However, Saylor argues that it could change the tech world and advises companies to go for BTC cash.
However, if he is so confident, this is not the case for everyone. Many digital asset traders were wary of this year’s bearish market. Besides, the billionaire isn’t the most believable at the moment. Remember that it is currently the subject of legal proceedings. He is accused of tax evasion and fraud. Apparently, he would not have paid his taxes for almost 10 years.
Despite the market bear and the legal balance on Michael Saylor, Microstrategy continues to invest in bitcoin (BTC). As the crypto flagship continues to falter, the crypto company is embarking on strategies to bolster its bitcoin war chest.