MSTR completes they latest round of Bitcoin buying...
Another week and another massive bitcoin purchase by MSTR.
Based on SEC filing and tweets from their CEO (Michael Saylor), we can see that MSTR now holds over 70k bitcoins.
Specifically, they own 70,470 bitcoins total which were purchased with $1.125 billion at an average price of $15,964 per bitcoin.
The latest round of BTC purchases (the $650 million mentioned above) came at an average price of $21,925 for the 29,646 bitcoins purchased.
(Source: ~~~ embed:1341006691408752640) twitter metadata:bWljaGFlbF9zYXlsb3J8fGh0dHBzOi8vdHdpdHRlci5jb20vbWljaGFlbF9zYXlsb3Ivc3RhdHVzLzEzNDEwMDY2OTE0MDg3NTI2NDApfA== ~~~
Some thoughts...
If there is one thing this tells me more than anything else, it's that Michael Saylor and company want to get in as quickly as possibly, irregardless of price...
They had no problem buying at $19.5k and they had no problem buying again at almost $22k.
What does that tell you?
There are many investors sitting on the sidelines not wanting to buy bitcoin right now because they feel like it has gone up too much already and don't want to buy the top.
Well, Saylor just put in over a half a billion dollars at this level because he thinks it is going a lot higher.
What's more...
He's also now playing cheerleader trying to get other billionaires and billion dollar companies to follow his lead:
If he is successful in this with only a couple other companies/billionaires this thing is going to explode.
The air may seem thin up here, but bitcoin has now entered price discovery mode since it has never traded at these levels before.
The last time it entered price discovery, which was back in early 2017, it went 20x the previous all time high.
A similar move this time around would point to $400k or so by the end of 2021.
I'm not expecting that to type of move to repeat this time around, but you get the idea of what could happen...
Stay informed my friends.
-Doc
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I noticed this morning that a lot of the alts took a big tank. I am guessing it was in response to some of the headlines that came out of the day. I am just about to read your other post now about the Grayscale thing. That one I was a bit confused about when I read the actual article. I am hoping you can give me some clarification.
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In one exchange I saw big flow between Dogecoin and Bitcoin and rest was pretty much dumping single altcoin... For me it looks like people are currently cashing out altcoins.
I am happy to see that LTC and ETH are back up a little bit from where they were this morning. I am sure the .9 LTC that I exchanged yesterday had a huge impact on the markets :)
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I'm buying ETH myself for a cross-chain project I'm working on...
Very cool! Looks like now is the time to buy some more! Everything took a puke on the XRP news...
I think it has to do with the SEC likely to sue Ripple. People de-risking their altcoin holdings.
I have pretty strong sell wall on my own cryptocurrency... Gonna watch how many days it will hold...
I think it has to do with the SEC likely to sue Ripple. I just did a post on that today.
Yeah, I saw that. I think they knew it was coming from the way it sounds...
I noticed this morning that a lot of the alts took a big tank. I am guessing it was in response to some of the headlines that came out of the day. I am just about to read your other post now about the Grayscale thing. That one I was a bit confused about when I read the actual article. I am hoping you can give me some clarification.
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This pretty much reminds me of Lemmings... Essentially one company or individual does something immensely suicidal for others to survive... They obviously have no fear of taking risks and that will make others feel FOMO and that can only result in price of Bitcoin to go to moon and beyond...
A self fulfilling prophecy!
We all know soccer coach Jose Mourinho is the most notorious expert in Lemmings theory...