Last week, MicroStrategy made headlines after it announced that it had closed a US$500 million offering in senior secured debt for the purpose of acquiring Bitcoin, in addition to raising $1.5 billion to buy even more. A short week later and the move has now officially been implemented.
Michael Saylor, nicknamed “Saylor Moon” by the Bitcoin community, made the announcement via Twitter:
Mixed Reactions
With MicroStrategy now holding over 0.5% of Bitcoin’s entire market capitalisation, the announcement has elicited the usual response from Bitcoin permabulls and permabears alike.
Cryptographer and Blockstream CEO Adam Back commented:
Diversification is for those without an investment thesis (paraphrasing Buffett).
Others had a more humorous take:
As Bitcoin’s price dropped on the news of China banning exchanges, Bitcoin sceptic Peter Schiff was quick to note:
That’s pretty bearish that you already bought all that #Bitcoin and the price kept dropping anyway.
Unsurprisingly, Bitcoin Twitter responded with a flurry of comments relating to gold’s underperformance over the past 12 months with memes ranging from the obscene to the hilarious:
Who Else Has Been Buying Bitcoin?
Despite a drop in momentum over the past six months, the narrative in this Bitcoin cycle has been about growing institutional adoption.
If you’re interested in following the latest developments in this space, be sure to check out our Crypto Institutional Purchases List 2021, which we regularly update when new announcements are made.
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