MicroStrategy Doubles Down on Bitcoin: Because Who Needs Real Money Anyway?
In a move that surprised absolutely no one, MicroStrategy announced today that they have purchased an additional $347 million in Bitcoin. Because apparently, investing in actual tangible assets is just too mainstream for them.
More Bitcoins Into The Purse
It seems like MicroStrategy has developed a serious case of Bitcoin fever. Former CEO Michael Saylor can’t seem to get enough of the cryptocurrency and has even gone as far as calling it the “digital synthetic successor to gold.” Well, if by “successor” he means something completely intangible and volatile, then sure, why not?
This latest purchase brings their total holdings to a whopping 152,333 BTC. That’s right folks – they now own more digital coins than most people will ever see in their lifetime. But hey, who needs real money when you can have imaginary internet tokens instead?
MicroStrategy has acquired an additional 12,333 BTC for ~$347.0 million at an average price of $28,136 per bitcoin.
As of 6/27/23 @MicroStrategy hodls
152,$BTC acquired for ~$4.52 billion at an average price of $29,668 per bitcoin.
— Michael Saylor⚡️ (@saylor) June 28, 2023
More Mainstream Acceptance
MicroStrategy isn’t the only company jumping on the Bitcoin bandwagon. It seems like everyone and their grandmother is getting in on the action these days. Tesla, Galaxy Digital Holdings – you name it, they’ve probably invested millions of dollars into this digital craze.
And can we just take a moment to appreciate how well Bitcoin has been doing lately? I mean, who needs stability when you can have wild price swings that give you heart palpitations every time you check your portfolio?
BTC above $30,000 puts MicroStrategy in profit | Source: BTCUSD on TradingView.com
But let’s not forget that Bitcoin is still down more than 70% from its all-time high. So while MicroStrategy may be patting themselves on the back for their brilliant investment strategy, let’s not get too carried away here.
In fact , since announcing this latest purchase , the price of Bitcoin has actually dropped by 1.45% . Coincidence ? I think not . It seems like every time MicroStrategy makes a move , the price of Bitcoin takes a nosedive . Maybe they should take that as a sign to stop messing around with imaginary money and start investing in something real for once.
But hey, who needs stability when you can have wild price swings that give you heart palpitations every time you check your portfolio?
Is This All Just Wishful Thinking?
Sure, it’s fun to dream about Bitcoin hitting $100,000 per coin or more. But let’s be honest – it’s probably never going to happen. And even if it does, do we really want companies like MicroStrategy holding such massive amounts of this volatile asset? Call me old-fashioned, but I prefer my investments to be backed by something other than blind faith and wishful thinking.
So while MicroStrategy may think they’re being visionary by pouring billions of dollars into Bitcoin, the rest of us will just sit back and watch their little experiment unfold. Who knows? Maybe one day we’ll all look back on this and laugh…or cry.
BTC above $30k puts microstrategy in profit | Source :BTCUSD on tradingSponsored Product view