In August and September, MicroStrategy bought $250 Million worth of BTC and $175 Million worth of BTC, respectively. And at the time, Bitcoin was trading under $11,000. Several weeks ago MicroStrategy announced plans to offer $400 million of convertible bonds in order to buy more of the cryptocurrency. Not only did they raise the full amount, but they raised a total of over $600 million in two days. I thought Michaels timing was great and bought the most recent pivot low near $17,000...I even gave it a name.
Do you remember the twitter conversation Michael and Elon had a week ago? The crypto space and traditional financial media outlets went crazy. Elon was concerned about liquidity, but Michael said he would show Elon his bitcoin playbook.
Come to find out Michael didn't buy near $17,000...that date was December 14th. Michael used the $600 million raised and was buying bitcoin before that dip on December 14th.
Yesterday, we found out that Microstrategy CEO Michael Saylor has bought $650 million worth of Bitcoin since December 11.
Later that day, he appeared on the Funky Crypto podcast, which is co-hosted by MMA fighter Ben Askren. On the podcast, he revealed what it was like to buy so much Bitcoin so quickly.
“Last week I bought $1,000 worth of Bitcoin every second in the evenings and the weekends, I bought $2,000 worth of Bitcoin during the day,” Saylor said on the podcast.
So that 650 million dollar offering at a 0.75% convertible senior notes isn’t due until 2025. Bitcoin is now trading above $26,000. Not only can he pay back the interest now, but that $650 million is now worth over 900 million. This guy is a genius, as this was one of the easiest trades/ideas of this decade and we have 9 more years before the decade is over.
The question becomes, will Michael rise more money to buy more bitcoin...2021 is going to be an interesting year.
This post is my personal opinion. I’m not a financial advisor, this isn't financial advise. Do your own research before making investment decisions.
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Also bitcoin just warm-up in the end of year 2020 and will be go to the moon ASAP #justmyopinion 😁
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Looking for Microstrategy to moon as well.
I wonder what the impact will be when he decides to sell his share to take his profits.
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I don't think he will sell so fast, though.
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He won't sell...not for a very long time.
Legendary stuff from Michael. He's making a shit ton of money for himself and investors from these ventures. Inlf this is genius now, imagine how this would look like in the next 20 years.
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He will be the man of the decade.
Aye aye Saylor! I love this guy! Was having a discussion with a friend yesterday about Bitcoin and referenced Michael a lot in that conversation and how this is different to the 2017 run up.
My friend feels like he missed the boat and won't get in unless BTC price drops to the levels it was in March this year in covid crash. I'm 99% sure that isn't going to happen now with all these institutions coming in but then again I'm not a Financial Advisor and this isn't financial advice 😁
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Michael is the Man, gangster move he made in 2020.
It wouldn't be strange if they now call him the guru of crypto, but the truth is he only saw something that not many can see, that's why he has made good money from his investments
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That's what you call "vision."
Michael and Elon, in one way or another, are bringing some light to the cryptocurrency world (and this is quite something very important).
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Thanks for this educative post. WIth these big guys buying Bitcoin at these prices, $20k Bitcoin is becoming out of grasp. Cheers!
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Beautiful one there.