MicroStrategy Just Bought 5 Billion More in Bitcoin

News
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On November 25, MicroStrategy CEO Michael Saylor shared that they acquired 55,500 Bitcoin at an average price of around $97,862 for a total of $5.4 billion.

As of November 24, 2024, MicroStrategy holds 386,700 Bitcoin, which they purchased for $21.9 billion at an average cost of around $56,761 each according to a post on X.

With this purchase, MicroStrategy now controls nearly 2% of Bitcoin’s total supply, and their holdings are valued at over $37 billion at the time of this article.

Reports say that analysts from Bernstein expect MicroStrategy aims to reach 4% of Bitcoin’s total supply by 2033. This goal will need $42 billion in capital, which the company plans to secure over three years. However, some analysts believe they could achieve this in just 18 months.

While MicroStrategy shines under Michael Saylor’s leadership, U.S. spot Bitcoin ETFs have reported an impressive $3.38 billion in net inflows for the week of November 18 to 22. In contrast, U.S. spot Ethereum ETFs faced difficulties, showing $71.6 million in net outflows during the same period.

The article

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analysts say MicroStrategy’s goal is to reach 4% of Bitcoin’s total supply

Isn’t that going to be a bit concerning?

No matter how you look at it, one company holding such a large share of a global value store could give them a lot of power And power often corrupts.

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@Reuben
But they don’t control the network since it’s not proof of stake They hold 4% of total supply, which allows them to influence the price They’ve made it clear they have no plans to sell any BTC.

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@Reuben
I think that’s their plan.

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@Reuben
What stops them from buying and selling BTC across multiple accounts to boost the price?

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Conn said:
@Reuben
What stops them from buying and selling BTC across multiple accounts to boost the price?

Check out the interview with Saylor called ‘forever Laura’ which discusses this.

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Conn said:
@Reuben
What stops them from buying and selling BTC across multiple accounts to boost the price?

When they sell, the price drops When they buy, the price rises The volume may go up but the price stays stable.

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MARA is doing the same thing

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Makes sense why BTC pumped so much and nearly reached 100K If MicroStrategy was buying billions at the top.

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Chandler said:
Makes sense why BTC pumped so much and nearly reached 100K If MicroStrategy was buying billions at the top.

True They bought at 97k and then it dropped to 92k While I’m feeling bullish about this, I doubt MicroStrategy’s buying has moved the market much.

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Nobody can pull that much money out of nowhere without raising questions about where it came from

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He should look into buying some ICP since it’s supposed to be a better alternative to AWS

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I’m worried this man or his company might end up bringing BTC down single-handedly

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What a jerk Saylor is

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I think people are selling off Saylor’s big purchases I’ve seen dumps happen after his announcements So keep an eye out if he announces again

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5 billion really You’re already incredibly wealthy with the 210,000 Bitcoin you already have

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MicroStrategy might go broke down the line

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Laine said:
MicroStrategy might go broke down the line

That’s a controversial thought right now Just like it was to say FTX would fail back then People often ignore that there’s no such thing as endless money There’s always a risk that this could fall apart.

Crypto has often found a weak spot in business models that seemed solid.