MicroStrategy has bought more $1.026 billion worth of Bitcoin.

The Sceptical Chymist

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Quote from: The Sceptical Chymist on February 26, 2021, 12:32:41 PM

I'm expecting bitcoin to be well above $50k again by next week (and I'm keeping my fingers crossed for that).

And here we are, with bitcoin at exactly $50k after dropping about $1k in the last couple of hours--not quite the gain that'd I'd predicted, but bitcoin's been on a wild ride these past two weeks. I'm pretty sure there are a lot of small traders or long-time hodlers who took their profits off the table, which has caused a lot of volatility.

Meanwhile.....

I'm not sure MSTR's price drop has anything to do with their purchase of bitcoin, just like with the Tesla situation. As I said in another thread, the entire stock market is flying high and is extremely overvalued, so any stock that's been declining in the past month or two would not surprise me in the least. Better the air comes out slowly IMO than a complete popping of what could be a bubble.

Haven't heard anything negative from the shareholders, though.

Smartvirus

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Quote from: ScamViruS on February 24, 2021, 02:37:57 PM

Big investors are constantly strengthening their position from every dip for the next big market change.

This is what i've noticed to be occurring more frequently in the market after the last bullrun which we aren't sure have completely faded with the series of up and down nature the market has been displaying these days. The new wave bitcoin has created has made the market very biased as no big correction is observed in the market these days with big investors strengthening their position at every dip, investing huge in the market and making it pump once again with a lower high that is likely not to be broken sooner and so on.

The Sceptical Chymist

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WOW. And it looks like they didn't even get a bulk discount on their purchase, either--and as of this very moment, they've lost on this last investment, since bitcoin is just under $48k. I'm wondering when the CEO is going to stop buying.

Hopefully this is all kosher with MSTR's shareholders, because holding that much bitcoin is obviously extremely risky and sometimes stockholders don't like to see companies do stuff like this. But I just took a look at MSTR's stock price, and it's soaring still. Obviously right now those shareholders don't seem to mind, but what happens if and when bitcoin starts to tank? I'm hoping that won't happen, but we could all probably agree that it could, in which case MSTR will have taken a huge paper loss.

This is definitely bullish news, though. I'm expecting bitcoin to be well above $50k again by next week (and I'm keeping my fingers crossed for that).

Review Master

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Quote from: ethereumhunter on February 25, 2021, 11:46:58 PM

I do not know why the market is going the other way as I do not see negative news besides Elon Musk's tweet.

I always hope that the price will be back to more than $58k and break the $60k barrier, but it seems, bitcoin price will be like this for a while. So maybe we can use this to trade.

Downtrend is done because of the creation of daily candle below 20 MA indicator and more future contracts will be expired sooon. But there is a bullish divergence in RSI which means market will be on bullish rally sooner or later. Also, btc might have side-way movement for sometimes , than it might go for crossing the $58k price level to make a new ATH, IMO.

Quote from: Oceat on February 25, 2021, 07:54:12 PM

Maybe there's no fomo triggered during their buy-in but instead it causes a panic but I guess most probably the cause of this panic is the tweet of Elon Musk.

Indeed, but it's not only about that tweet as March is a month of bearish trend for bitcoin according to previous history. So, everyone was in doubt that next month will be bullish or not after this huge dump. In that case, everyone was in panic mode and fomo can't be triggered even after circulating the news of buying $1 Billion worth of Bitcoin by Microstrategy, IMO.

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Quote from: Oceat on February 25, 2021, 07:54:12 PM

Quote from: ?? on ??

Quote from: Review Master on February 25, 2021, 05:31:06 AM

Just like what i was expecting and my assumption was right . Definitely, it's a positive news and i was expecting a rebound into the price of Bitcoin. But this time, it couldn't able to create a positive vibes to rebound quickly as correction was huge. TBH, it's a great sign of a massive bullish rally in the upcoming days.

No problem about that. At least, with that news, people out there will see what that company does, and that can invite them to follow buying bitcoin too. Maybe it will not affect this day, but in the future, there will be more people who will invest in bitcoin, and that can make the adoption still grows. That can give a bullish rally in the next week.

I hope you were right if this dip has a meaning of going more bullish next week because what just happened is MicroStrategy really did bought $1B worth of Bitcoin but why is it the market going the other way around? Maybe there's no fomo triggered during their buy-in but instead it causes a panic but I guess most probably the cause of this panic is the tweet of Elon Musk.

Anyway, this dip is just temporary IMO because it looks like it is ready for a new ATH maybe next month or so but I hope March won't be the same just like in 2020. It could be a super dip if that's going to happen.

We will see that. I do not know why the market is going the other way as I do not see negative news besides Elon Musk's tweet. But I see that this moment is a good way to buy low and sell high because I see the price can move good in the market. In daily, I see the price is down and up again in the next few minutes to help us make a profit.

I always hope that the price will be back to more than $58k and break the $60k barrier, but it seems, bitcoin price will be like this for a while. So maybe we can use this to trade.

Oceat

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Quote from: Review Master on February 25, 2021, 05:31:06 AM

Just like what i was expecting and my assumption was right . Definitely, it's a positive news and i was expecting a rebound into the price of Bitcoin. But this time, it couldn't able to create a positive vibes to rebound quickly as correction was huge. TBH, it's a great sign of a massive bullish rally in the upcoming days.

No problem about that. At least, with that news, people out there will see what that company does, and that can invite them to follow buying bitcoin too. Maybe it will not affect this day, but in the future, there will be more people who will invest in bitcoin, and that can make the adoption still grows. That can give a bullish rally in the next week.

I hope you were right if this dip has a meaning of going more bullish next week because what just happened is MicroStrategy really did bought $1B worth of Bitcoin but why is it the market going the other way around? Maybe there's no fomo triggered during their buy-in but instead it causes a panic but I guess most probably the cause of this panic is the tweet of Elon Musk.

Anyway, this dip is just temporary IMO because it looks like it is ready for a new ATH maybe next month or so but I hope March won't be the same just like in 2020. It could be a super dip if that's going to happen.

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Quote from: adaseb on February 25, 2021, 01:43:53 AM

Quote from: Saint-loup on February 24, 2021, 07:43:29 PM

Quote from: blockman on February 24, 2021, 02:42:37 PM

That's a huge purchase. Michael and his company know what exactly they're doing. MS is one of the companies that has been stably buying bitcoin, a dip or not. There's also news for it from CNBC.
(https://www.cnbc.com/2021/02/24/microstrategy-buys-more-than-1-billion-worth-of-bitcoin-adding-to-massive-holdings.html)

Now I don't think Saylor and MicroStrategy know exactly what they're doing. Because they could buy BTC below 10k$ during almost 2 years and they didn't do it, they've waited 50k$ and now they are FOMOing at the ATH... Undecided

You do realise this the their 3rd purchase of Bitcoin to date. Their first purchase was last year at $11,111 or so. Then they made another purchase I think at $25K and then this purchase at $53K, they got a very low average price right now.

Why didn they buy 2 years ago? What changed since then? Did you forget about covid19 ?

Covid19 lead to all this money printing which lead to inflation hence why people are buying anything they can get their hands on to get rid of their dollars. He bought BTC most likely because everything on the stock market was overpriced.

That could be the reason for stocks and overpricing. But I think he's really into it and just like one of us who solely believes in bitcoin. With his statements that have been publicly displayed, it seems that he's really one bullish guy.
But I don't want to be fully believing that he is, he's still one of the biggest players that we have.

Saint-loup

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Quote from: Jating on February 25, 2021, 05:46:32 AM

Quote from: Saint-loup on February 24, 2021, 07:43:29 PM

Quote from: blockman on February 24, 2021, 02:42:37 PM

That's a huge purchase. Michael and his company know what exactly they're doing. MS is one of the companies that has been stably buying bitcoin, a dip or not. There's also news for it from CNBC.
(https://www.cnbc.com/2021/02/24/microstrategy-buys-more-than-1-billion-worth-of-bitcoin-adding-to-massive-holdings.html)

Now I don't think Saylor and MicroStrategy know exactly what they're doing. Because they could buy BTC below 10k$ during almost 2 years and they didn't do it, they've waited 50k$ and now they are FOMOing at the ATH... Undecided

It's was a different time back then, as there was no printing of fiat because of the covid-19 effect.

And one of Michael Saylor's argument is that bitcoin is far more superior that any other assets because of the current shift in economic paradigm.

https://www.washingtonian.com/2021/02/12/dcs-bitcoin-king-explains-why-hes-investing-more-than-1-billion-in-the-cryptocurrency/

Quote

Bitcoin is “a radical new thing,” he says, so “if you are in the old paradigm, your view would be this is just scary and risky.” Plus, his crypto fame is paying off in other ways: “I think probably it would cost us $100 million a year to buy the kind of publicity that we now get for free.”

LOL it's the worst stupid thing I have ever heard : FOMO, greed, bubble and speculation are not a new paradigm, they are as old as the financial markets. This guy is not less ridiculous than John MacAfee Undecided

slaman29

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Buying the dip now must be the favorite thing for all these companies. For us small timers, a big dip is just a small amount. Even If we can afford half a bitcoin, 10k dip is just a "5k" savings but these guys save millions with their huge wallets!

Back at 50k again, maybe another correction before we see new directions.

Jating

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Quote from: Saint-loup on February 24, 2021, 07:43:29 PM

Quote from: blockman on February 24, 2021, 02:42:37 PM

That's a huge purchase. Michael and his company know what exactly they're doing. MS is one of the companies that has been stably buying bitcoin, a dip or not. There's also news for it from CNBC.
(https://www.cnbc.com/2021/02/24/microstrategy-buys-more-than-1-billion-worth-of-bitcoin-adding-to-massive-holdings.html)

Now I don't think Saylor and MicroStrategy know exactly what they're doing. Because they could buy BTC below 10k$ during almost 2 years and they didn't do it, they've waited 50k$ and now they are FOMOing at the ATH... Undecided

It's was a different time back then, as there was no printing of fiat because of the covid-19 effect.

And one of Michael Saylor's argument is that bitcoin is far more superior that any other assets because of the current shift in economic paradigm.

https://www.washingtonian.com/2021/02/12/dcs-bitcoin-king-explains-why-hes-investing-more-than-1-billion-in-the-cryptocurrency/

Quote

Bitcoin is “a radical new thing,” he says, so “if you are in the old paradigm, your view would be this is just scary and risky.” Plus, his crypto fame is paying off in other ways: “I think probably it would cost us $100 million a year to buy the kind of publicity that we now get for free.”

cryptomaniac_xxx

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Quote from: OgNasty on February 24, 2021, 02:48:47 PM

I saw a video yesterday where they made the case that 75 billion dollars sitting on S&P500 balance sheets is likely to move into Bitcoin this year... The 1.5 billion dollar Tesla investment jumped the price from $30K to $50K, I can only imagine what 75 billion more dollars would do... Breaking $100K by the end of the year seems inevitable at this point.

Exactly, and they are now the 6th richest owner of bitcoin:

https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html

And now that they are holding like .043% so it's obviously that the future looks like and that $100k is achievable at the end of the year for all of us.

GreatArkansas

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Quote from: adaseb on February 25, 2021, 01:43:53 AM

Quote from: Saint-loup on February 24, 2021, 07:43:29 PM

Quote from: blockman on February 24, 2021, 02:42:37 PM

That's a huge purchase. Michael and his company know what exactly they're doing. MS is one of the companies that has been stably buying bitcoin, a dip or not. There's also news for it from CNBC.
(https://www.cnbc.com/2021/02/24/microstrategy-buys-more-than-1-billion-worth-of-bitcoin-adding-to-massive-holdings.html)

Now I don't think Saylor and MicroStrategy know exactly what they're doing. Because they could buy BTC below 10k$ during almost 2 years and they didn't do it, they've waited 50k$ and now they are FOMOing at the ATH... Undecided

You do realise this the their 3rd purchase of Bitcoin to date. Their first purchase was last year at $11,111 or so. Then they made another purchase I think at $25K and then this purchase at $53K, they got a very low average price right now.
(....)

The total of 90.5k BTC that MicroStrategy owns at around $24,000 price average now. They are still up around 50% if you compute it now, but this is not the deal, not the short term. Michael Saylor indeed looking for the long term, that's why they bought another around $1billion worth of Bitcoins recently at above $50,000 price.

+1 with adaseb, who else don't want Bitcoin with limited supply compare to those dollars with you don't the supply Wink

Review Master

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Just like what i was expecting and my assumption was right . Definitely, it's a positive news and i was expecting a rebound into the price of Bitcoin. But this time, it couldn't able to create a positive vibes to rebound quickly as correction was huge. TBH, it's a great sign of a massive bullish rally in the upcoming days.

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Quote from: blockman on February 24, 2021, 02:42:37 PM

That's a huge purchase. Michael and his company know what exactly they're doing. MS is one of the companies that has been stably buying bitcoin, a dip or not. There's also news for it from CNBC.
(https://www.cnbc.com/2021/02/24/microstrategy-buys-more-than-1-billion-worth-of-bitcoin-adding-to-massive-holdings.html)

It is a huge purchase but it is also a good one because they bought more bitcoin at with the same amount of money that could have purchased less back when it was around 58k. They are stably buying because they are getting profits from it, AFAIK Microstrategy is an investment company so they buy bitcoin so they can have more and have the ability to move the market.

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Large companies and financial institutions around the world are actively investing in cryptocurrency, with even some startups betting on bitcoin.

And while that may seem strange, in theory, the anonymous, unregulated nature of bitcoin and other cryptocurrencies means they're not an obvious place to find lots of funding, for now, that bet appears to be paying off.

hugeblack

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The issue of getting 100,000 dollars has become a matter of time.

Quote from: adaseb on February 25, 2021, 01:43:53 AM

Covid19 lead to all this money printing which lead to inflation hence why people are buying anything they can get their hands on to get rid of their dollars. He bought BTC most likely because everything on the stock market was overpriced.

The other reason may be the zero interest levels and the continuation of stimulus packages, especially with the Biden administration intending to add about $ 1.9 trillion.
I do not think that any company will keep a lot of its money in the form of cash, but rather try to transfer it to any investment.
Gold is currently stable, so some people are turning to copper, bitcoin or any other investment.

adaseb

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Quote from: Saint-loup on February 24, 2021, 07:43:29 PM

Quote from: blockman on February 24, 2021, 02:42:37 PM

That's a huge purchase. Michael and his company know what exactly they're doing. MS is one of the companies that has been stably buying bitcoin, a dip or not. There's also news for it from CNBC.
(https://www.cnbc.com/2021/02/24/microstrategy-buys-more-than-1-billion-worth-of-bitcoin-adding-to-massive-holdings.html)

Now I don't think Saylor and MicroStrategy know exactly what they're doing. Because they could buy BTC below 10k$ during almost 2 years and they didn't do it, they've waited 50k$ and now they are FOMOing at the ATH... Undecided

You do realise this the their 3rd purchase of Bitcoin to date. Their first purchase was last year at $11,111 or so. Then they made another purchase I think at $25K and then this purchase at $53K, they got a very low average price right now.

Why didn they buy 2 years ago? What changed since then? Did you forget about covid19 ?

Covid19 lead to all this money printing which lead to inflation hence why people are buying anything they can get their hands on to get rid of their dollars. He bought BTC most likely because everything on the stock market was overpriced.

Saint-loup

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Quote from: blockman on February 24, 2021, 02:42:37 PM

That's a huge purchase. Michael and his company know what exactly they're doing. MS is one of the companies that has been stably buying bitcoin, a dip or not. There's also news for it from CNBC.
(https://www.cnbc.com/2021/02/24/microstrategy-buys-more-than-1-billion-worth-of-bitcoin-adding-to-massive-holdings.html)

Now I don't think Saylor and MicroStrategy know exactly what they're doing. Because they could buy BTC below 10k$ during almost 2 years and they didn't do it, they've waited 50k$ and now they are FOMOing at the ATH... Undecided

goaldigger

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This is what we are talking about, whales are buying at the huge price because they believe that Bitcoin can still go high and this moved can be a great reason to continue the uptrend. Though, the price of Bitcoin didn’t move that much, I believe when people realize this thing, many new money will come into this market. Many speculate for the price of $100k, that’s more possible to happen because of many good investors.

dothebeats

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Just look at the average price they bought bitcoin in, that's actually a win for them and would not stop them from getting some more bitcoins on the way! At this point, bitcoin could lose half of its value and they are still in the greens, and would still be profiting since I'm pretty sure if bitcoin's price is cut by half at this very moment, people would just rush in to buy more and more for their own. It was a very calculated risk that MicroStrategy did, and it obviously paid off given that in the midst of all the uncertainties, they can still buy and be cool with it tanking down due to the huge 'savings' that they got from buying a lot of bitcoins before it breached $30k.

Topic: MicroStrategy has bought more $1.026 billion worth of Bitcoin. (Read 179 times)