Key Points
- MicroStrategy refrained from buying Bitcoin during a major dip in prices.
- Michael Saylor, co-founder of MicroStrategy, advocates for the U.S. government to own 5%-20% of Bitcoin’s total supply.
MicroStrategy, also known as Strategy, recently made news for its decision to abstain from purchasing Bitcoin (BTC) during a significant price dip.
MicroStrategy’s New Strategy
Despite being the largest publicly traded company holding BTC, MicroStrategy did not purchase any additional coins between March 31st and April 6th, even as prices fell below $80,000. This decision followed a brief rally in Bitcoin’s price to $87,000 and a subsequent loss in momentum.
Interestingly, this move came on the heels of MicroStrategy’s acquisition of 22,000 BTC, suggesting a more calculated approach in the face of increasing volatility.
MicroStrategy’s Bitcoin Holdings
As of April 7th, MicroStrategy held a total of 528,185 BTC, purchased for a total of $35.6 billion at an average price of $67,458 per coin. However, the company’s silence in the market during the recent dip indicates a break from its usual bi-weekly buying pattern.
The company’s stock also took a hit, sliding over 13% to trade near $256. On the other hand, Bitcoin’s recent rebound above $79,000 suggests optimism in the crypto market, but MicroStrategy’s stock has not followed suit.
Despite the pause in Bitcoin accumulation, Michael Saylor remains steadfast in his belief in the cryptocurrency. He recently proposed at the White House’s inaugural crypto summit that the U.S. government should secure between 5% and 20% of Bitcoin’s total supply. His suggestion reflects a strategic approach aimed at reinforcing America’s global influence in the digital asset era.
