Microstrategy prepares for bull market by buying more bitcoin

Michael Saylor’s Microstrategy has bought a further 12,333 bitcoins for around $347 million, bringing its total to 152,333 bitcoins.

A last chance to purchase at these prices?

Perhaps seeing the last chance at these prices, Microstrategy has bought more bitcoin over the last month at an average price of $28,136 per bitcoin. The news came to light after the company filed the purchase with the Securities and Exchange Commission on Wednesday.

All the bitcoin that Microstrategy now owns (152,333) at an average price of $29,668, puts the company above water on its purchases, given that today’s bitcoin is worth just over $30,000.

With the bitcoin bull market perhaps just getting started, Microstrategy’s purchases are likely to be worth quite a bit more in the next couple of years. It is maybe for this reason that the tech giant chose to make at least one more purchase now, having made its last one only two months ago.

MicroStrategy has acquired an additional 12,333 BTC for ~$347.0 million at an average price of $28,136 per #bitcoin. As of 6/27/23 @MicroStrategy hodls 152,333 $BTC acquired for ~$4.52 billion at an average price of $29,668 per bitcoin. $MSTR https://t.co/joHo1gEnR0

— Michael Saylor⚡️ (@saylor) June 28, 2023

Presidential candidate Kennedy espouses bitcoin

Robert F. Kennedy Jr. tweeted yesterday that his campaign for the US presidency would accept donations of bitcoin. He was extremely forthright for a US presidential candidate with his views on bitcoin, saying that it was a “bulwark against totalitarianism”, and defending “the right to use and hold bitcoin”, calling this right “inviolable”.

As president, I will make sure that your right to use and hold Bitcoin is inviolable. Bitcoin is not only a bulwark against totalitarianism and the manipulation of our money supply, it points the way toward a future in which government institutions are more transparent and more… pic.twitter.com/rPkMARieYu

— Robert F. Kennedy Jr (@RobertKennedyJr) June 27, 2023

Kennedy also promised to reverse the Biden Administration’s “growing hostility” towards the bitcoin industry and said he would keep this innovation in the US. He added that the ESG agenda should not be used as a “smokescreen” in order to attack bitcoin.