Microstrategy hardly bought bitcoin during the bear cycle, in fact in the background they showed very little conviction and made a merely testimonial purchase.
I am almost certain that Microstrategy will be the cause of a bear market.
Discussion
They couldn't tap so much money from the public markets like they're doing now. Wait and see how MicroStrategy becomes the biggest company ever
Is the size of the orange dots proportional to the number of bitcoin purchased or the dollar amount of bitcoin purchased ?
Same question but I think itβs dollar amount
Why, because they will sell it ? Bold claim for not giving a reason
Of course not. If you recall, they weren't that far off from liquidation point on their loans. They couldn't keep borrowing and they shares tanked.
Micro strategies pronouncements pumped the price and caused the dump in the first place. They should keep quiet and let the price move naturally
I didn't see any proof of reserves, I think Bitcoin doesn't care.
they buy over the counter at exchanges and from the miners.. they dont what to buy from the open market and become exit liquidity.. They wont be buying much atm because tons of businesses are doing the same thing. bitcoin levels at exchanges are really low
There was no NAV premium and so no flywheel for them to buy IOUs.
In what way ?
In fairness, I think MSTR (non-custodial bitcoin) is mostly acting like a buffer to limit the bull market. Getting folks like Jesse Myers and Preston Pysh to geek out on the theory of MSTR (which is totally sound) and attract capital that would otherwise allocate directly into fully custodied bitcoin.
Theyβre buying time for the nation state adoption phase. FTX was the attack on Bitcoin and it failed. At worst, MSTR is the vehicle to slow price appreciation so that they can coordinate as orderly of a transition as possible. Coinbase is 100% in cahoots with the US government.
bingo!
βcauseβ might be a bit far but they are monetizing volatility, in bear markets when we are grinding rather than explosively trading there is much less room for MSTR to financialize