In a twist worthy of a Dostoevskian plot, Michael Saylor, the executive chair of MicroStrategy, has declared a momentous shift in the firm’s strategy. Gone are the days of selling shares like hotcakes to gobble up Bitcoin. Instead, they’ve decided to clutch their $30 billion worth of digital gold with the fervor of a peasant clutching his last loaf of bread. 🍞
On February 3, in a post that could only be described as a modern-day proclamation, Saylor revealed that MicroStrategy was hoarding a staggering 471,107 Bitcoin (BTC) as of February 2. This treasure trove was amassed at a cost that would make even the most extravagant czar blush. And lo and behold, during the week leading up to this revelation, the firm had not sold a single share of its stock. A mere seven days after announcing the acquisition of over 10,000 BTC worth around $1 billion—talk about a rollercoaster ride! 🎢
This announcement marked the end of a 12-week spree of Bitcoin buying, a saga that began just before the US elections in November 2024. MicroStrategy’s journey into the crypto abyss began in August 2020, when they made a modest purchase of 21,454 BTC for a mere $250 million. Fast forward to 2025, and they’ve become one of the largest Bitcoin hoarders—who knew that digital coins could be the new gold? 🪙
Meanwhile, Bitcoin’s price took a nosedive below $100,000 over the weekend, as markets reacted to President Donald Trump’s latest antics—tariffs on China, Mexico, and Canada, with whispers of extending the chaos to the European Union. But fear not! BTC’s price rebounded to over $98,000, thanks to Mexico’s president, Claudia Sheinbaum, who managed to delay the tariffs by a month. A true diplomatic ballet! 💃
Other Companies Eyeing Bitcoin as a Safety Net
In a world where inflation looms like a dark cloud, many companies are following MicroStrategy’s lead, purchasing Bitcoin as a hedge against the inevitable. Healthcare firm Semler Scientific and streaming platform Rumble have joined the fray with multimillion-dollar BTC buys in the last two months. Meanwhile, crypto mining company MARA is sitting pretty with 44,394 BTC as of December 18. Talk about a digital treasure hunt! 🏴☠️
Even government agencies are getting in on the action, pondering the establishment of Bitcoin stockpiles. On January 23, Trump signed an executive order to create a working group to explore regulations around a BTC reserve strategy in the US. Meanwhile, the Czech National Bank is also considering “other asset classes” for its reserves—without specifically mentioning Bitcoin, of course. Because why not keep the suspense alive? 🎭
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2025-02-03 21:14