Michael Saylor’s MicroStrategy bought the Bitcoin dip at a discount

Key MicroStrategy Takeaways:

• MicroStrategy bought over $414 million worth of Bitcoin.
• The announcement appeared as the cryptocurrency grappled with the Omicron FUD.
• The alpha crypto looks poised for a new leg up.

YEREVAN (CoinChapter.com) – Michael Saylor, the CEO of the business-intelligence software firm MicroStrategy once again saw the market cool-off as an opportunity and added some 7,002 BTC coins to the company’s portfolio for “$414.4 million in cash”.

The executive noted in a tweet that MicroStrategy now owns approximately 121,044 Bitcoins at an average price of $29,534 per coin.

MicroStrategy has purchased an additional 7,002 bitcoins for ~$414.4 million in cash at an average price of ~$59,187 per #bitcoin. As of 11/29/21 we #hodl ~121,044 bitcoins acquired for ~$3.57 billion at an average price of ~$29,534 per bitcoin. $MSTRhttps://t.co/OA8VWG1bZX

— Michael Saylor⚡️ (@saylor) November 29, 2021

The tweet inspired various reactions in the comment section, ranging from humor and pure sarcasm to suspicion of the underlying motives. Some users saw Mr. Saylor’s move as an attempt to bogart the cryptocurrency, thus shuddering its “fair” distribution.

Also read: MicroStrategy goes for a fresh batch of Bitcoin, buying the dip. Again.

However, Mr. Saylor has professed his belief in Bitcoin on multiple occasions, using phrases such as “cyber hornets serving the goddess of wisdom.”

#Bitcoin is a swarm of cyber hornets serving the goddess of wisdom, feeding on the fire of truth, exponentially growing ever smarter, faster, and stronger behind a wall of encrypted energy.

— Michael Saylor⚡️ (@saylor) September 18, 2020

MicroStrategy is not alone

In detail, MicroStrategy’s Bitcoin love story began in August 2020. Since then, the two became inseparable, and the bond grew stronger with more and more purchases. The latest batch came in the wake of the CEO’s 5,050 Bitcoin basket in September 2021.

The company included the purchase in its latest Q4 report to the US Securities and Exchange Commission.

However, Mr. Saylor is not the only one subscribing to the ‘buy the dip’ incentive. Nayib Bukele, the President of El Salvador, used the opportunity and added 100 more BTC to the country’s treasury. As a result, El Salvador owns 1,220 Bitcoins in total, including the latest purchase.

Also read: El Salvador adds 100 Bitcoins to its purse in Bitcoin’s “Black Friday sale”

The President announced several Bitcoin-related initiatives. One of them is a $1 billion digitized dollar-denominated bond, which the government calls “Bitcoin bonds.” Mr. Bukele also plans to build a Bitcoin-focused city with infrastructural support for mining activities and taxes close to zero.

Meanwhile, Bitcoin…

…showed an aptitude to cross above $60,000 again in Q4. Moreover, as CoinChapter covered in the latest Bitcoin report, the cryptocurrency limited its downside sentiments and gained 8% in the three previous sessions.

The asset traded in an ascending channel and could rise to the resistance trendline of the formation once again, which would bring the BTC/USD exchange rate to approximately $80,000.

As of publication, Bitcoin traded at $58,719 in the New York session Monday.

Also read: Bitcoin week ahead Ep19: BTC looks poised to hit $60K amid Omicron FUD

While Mr. Saylor’s decision to obtain more and more BTC for MicroStrategy is paying off so far, the company could find itself unable to pay up the debts should the digital asset decline. Nevertheless, the business-intelligence firm owns 121 thousand Bitcoins, equivalent to $7.1 billion at the current rate.

Moreover, the average price of the purchased crypto stood at $29,534 per coin.