Michael Saylor’s Microstrategy Buys The Dip By Purchasing Another $6M Bitcoin

  • Michael Saylor confirmed today that Microstrategy bought an additional 301 bitcoins at an average price of $19,851 per bitcoin.
  • According to Saylor, Microstrategy now holds $130,000 in bitcoin, an average of $30,639 per bitcoin.

Former MicroStrategy CEO Micheal Saylor revealed today through his official Twitter Considering that MicroStrategy purchased another $6 million in Bitcoin, bringing the company’s BTC holdings to $3.98 billion, the average price is $30,639 per Bitcoin. Saylor recently resigned as CEO of MicroStrategy to take up the role of executive chairman. His rationale for the decision was that he would be able to oversee the company’s bitcoin acquisition strategy.

Michael Saylor previously stated that since MicroStrategy adopted the Bitcoin standard, the company has significantly outperformed the S&P 500, Nasdaq, gold, bond indices and any large tech stocks.

Simple FX
Simple FX

Will this end up being Bitcoin’s bottom?

As mentioned earlier, many long-term holder charts are instigating Bitcoin bottoms, such as the Bitcoin Investor Tool: 2-Year MA Multiplier.

This chart shows periods when buying and selling Bitcoin would generate excess returns.

Michael Saylor's Micro Strategies to Buy the Dip by Buying Another $6M Bitcoin 11
resource: Find Bitcoin

Ark Invest’s monthly Bitcoin report also shows that long-term and short-term cost bases appear to cross, which historically suggests a cyclical bottom.

Michael Saylor's Micro Strategies to Buy Down 12 by Buying Another $6M in Bitcoin
resource: Ark Investment Management Co., Ltd.

According to the report, the supply held by long-term holders is expected to reach an all-time high, suggesting that future sales and consumption will be much less likely.

On a macroeconomic scale, however, signs of a recession are emerging as the Fed tries to rein in inflation. The CPI is at its highest level since the 1980s, and home inventory has risen sharply relative to home sales, suggesting we may be in a recession.

Michael Saylor's Micro Strategies to Buy Down 13 by Buying Another $6M in Bitcoin
resource: Ark Investment Management Co., Ltd.

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