Just as the price of Bitcoin (quotation BTC) drops below $ 45.000, guess who's shopping? Well, one of Bitcoin's ardent supporters, Michael Saylor's MicroStrategy bought another 5050 Bitcoins worth $ 243 million.
The holdings are rising
The recent purchase took place for an average price per BTC of $ 48.099. With this, MicroStrategy's total Bitcoin holdings amount to 114.042 bitcoins with an aggregate net investment of $ 3,16 billion at an average price of $ 27.743.
Over the past year, MicroStrategy has been making aggressive Bitcoin purchases. Its founder Michael Saylor sees huge potential in BTC and wishes to keep it for the next decade. As we previously reported, the so-called Bitcoin 'whales' have started to accumulate with the recent price correction. Over the past week, Bitcoin whales have amassed more than 50.000 BTC worth $ 2,2 billion within four days. This clearly shows that the big market players are still bullish on Bitcoin.
Furthermore, institutional interest in Bitcoin remains at its peak. Several hedge funds and other traditional market participants are looking to gain exposure to Bitcoin.
While MicroStrategy announced its recent purchase of BTC, the company and its founder Michael Saylor have been accused of fraud and deception. Popular anonymous cryptocurrency analyst like Mr. Whale on Twitter accused Saylor of "pump and dump".
Michael Saylor faces strong accusations
Citing some credible past data, Mr. Whales says Michael Saylor was a major loser during the tech bubble, also known as the dot-com bubble in the late 90s. The anonymous cryptocurrency analyst / critic notes that Michael Saylor lost a staggering $ 13,2 billion, which turned out to be the biggest and fastest financial loss ever. At the time, the US SEC also launched an investigation into Saylor's affair and accused him of being a fraud.
In a strong-worded criticism, Mr. Whale calls Saylor an "ultimate snake oil salesman." Furthermore:
“While many Bitcoin maximalists see Saylor as a visionary and MicroStrategy's small Bitcoin purchases as an example of 'massive institutional demand', a more mysterious agenda becomes very clear when diving into the corrupt, fraudulent, drug addict and deceptive past of Michael Saylor ”.
He further added that Saylor's failures stem from years of "negligent accounting practices and overall terrible leadership." Additionally, the analyst shows evidence of Saylor's past criticisms of Bitcoin.
The analyst also points out MicroStrategy's exit strategy. Whatever it is, you can't say for sure exactly how true it is. Saylor, however, continues to receive great support from supporters of the cryptocurrency industry.
Commenting on the recent announcement, popular Anthony Pompliano congratulated Saylor saying, “Congratulations. Your shareholders are lucky to have guided them into the future :) ”.
