Michael Saylor, a key Bitcoin supporter and co-founder of Strategy, has suggested that he may purchase more Bitcoin after raising more than $711 million from a new stock offering. Saylor posted a Bitcoin price chart on X (previously Twitter) with the words “Needs more orange,” which has led to much speculation regarding the imminent major purchase as the financial markets prepare to re-open.
Saylor Tracker data suggests that on March 17, Strategy’s most recent purchase was 130 BTC, worth roughly $10.7 million. Thanks to the BTC purchase on March 17, the company now holds 499,226 BTC.
Though Strategy’s buying pace has recently slowed, the firm continues to accumulate Bitcoin. We expect the new offering, with its $85 price and 10% coupon, to generate significant capital. Many analysts assume that this money may go to buy more Bitcoin as Strategy remains committed to accumulating the cryptocurrency over time.
Saylor has been very vocal about supporting Bitcoin, wherein he has advocated its use at both corporate and government levels. He has pleaded with the U.S. government to buy 25% of Bitcoin in supply by 2035. This, according to Saylor, will help the country’s balance sheet and establish Bitcoin as a reserve asset.
Saylor, in “21 Truths of Bitcoin,” highlights Bitcoin’s superiority at the recent Blockworks Digital Asset Summit in New York. Saylor pointed out that gold has underperformed relative to the S&P Index throughout history and that Bitcoin is the only non-depreciating commodity in human history. He believes that Bitcoin can replace the financial system as we know it today.
Currently, Bitcoin’s price fluctuates within the range of $84,968 | $85,168, according to the market cap, which sits at $1.68 trillion. Meanwhile, Strategy continues to accumulate just over 10,000 BTC. In the past, the firm’s Bitcoin purchases have occurred after price corrections, leading to the belief that another purchase could spark massive buying across the crypto market.
Several analysts anticipate that fresh consolidation following another important buy by the business will lead to greater moves. However, others believe that a price pullback would be required. Nevertheless, Saylor’s new hint is once again putting MicroStrategy’s Bitcoin strategy under the spotlight, with many investors wondering what the outcome will be. Specifically, what will be the result?
Conclusion.
While the market waits to confirm this latest purchase, Saylor’s impact on the market is unquestionable. We’ll just have to experience the outcome of this latest development and determine whether it will affirm Bitcoin as the new-age saviour or invite more volatility.
