In a surprising turn of events, MicroStrategy CEO Michael Saylor came under fire from prominent financial analyst and cryptocurrency sceptic Peter Schiff for the company’s Bitcoin holdings.
It was disclosed on August 1st that MicroStrategy had paid $14.4 million for an additional 467 Bitcoin, increasing their amazing collection of Bitcoin holdings to 152,800 BTC. Michael Saylor, the CEO of the firm, said that the digital assets were purchased for $4.53 billion in total, or an average of $29,672 per Bitcoin.
Schiff, it seemed, could not help but make light of Saylor’s financial approach. The expert took advantage of the chance to challenge the decision and addressed the CEO of MicroStrategy, pointing out that the most recent Bitcoin buy had already resulted in a 5% loss. He also wanted to know how much money the company’s stockholders had lost overall when it initially entered the cryptocurrency space.
Saylor has not yet replied to Schiff’s question despite the direct challenge; given Saylor’s usage of social media, this move may not come as a huge surprise.
Is glass half full?
In fact, at the moment, the price of Bitcoin is only 2% below MicroStrategy’s average buying price. Despite the fact that this would appear to be reason for alarm, it is important to remember that the corporation has made large profits from its investment in Bitcoin. MSTR’s shares have increased by an incredible 220% to their present value when MicroStrategy started purchasing Bitcoin for its Treasury. The increase soared to an astounding 965% at its zenith, hitting an all-time high of $1,315 per share.
MicroStrategy is unfazed by the recent decline in the value of Bitcoin, showing confidence in their approach to digital assets.
