Michael Saylor, the CEO of MicroStrategy, shares the firm’s unexpected Bitcoin purchasing strategy
This kind of effort may present a long-term commitment to the asset class.
Mainstream company intelligence behemoth MicroStrategy has made a number of titles lately for its first $250 million Bitcoin (BTC) investment. The business later put a subsequent $175 million into the asset — a long effort totaling about 100 hours of work.
On Friday MicroStrategy CEO said in a tweet:
"To acquire 16,796 BTC (disclosed 9/14/20), we traded continuously 74 hours, executing 88,617 trades ~0.19 BTC each 3 seconds."
He added, “Approximately $39,414 in BTC per minute, but at all times we were ready to purchase $30-50 million in a few seconds if we got lucky with a 1-2% downward spike," referencing the company's enthusiasm to purchase BTC at a cheaper price if the chance presented itself.
MicroStrategy is one of the newest mainstream big company's joining the crypto space.
According to an Aug 11 statement, the firm took a leap of trust into Bitcoin, picking up 21,454 BTC, worth $250 million at the time, placing the coin in place as a reserve asset for the entity.
Following the initial investment, the entity purchased an extra 16,796 Bitcoin, which took some time and energy, as seen in Saylor's tweet.
While presenting a mainstream interest in the asset, the mass-scale Bitcoin pickup also showed the coin can scale efficiently as a store of worth — a dilemma in people's minds since 2017, when the network decreased dramatically while also demanding high transaction charges.
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