Wall Street Cheers MicroStrategy For Purchasing More Bitcoin

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Last Updated on 16 June 2021 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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MicroStrategy has been on top of news lists allover the world in 2021. When Bitcoin was in free fall, Wall Street media outlets started to dwell on CEO Micheal Saylor’s past as the man who lost the most ever in the 2000 dotcom crisis. At that time, MicroStrategy stock lost a whopping 99%.

By now, the tide seems to have turned. Last week, the business analytics firm that’s become a darling of the cryptosphere, raised some $500 million in bonds, allowing it to buy even more Bitcoin. The offering, announced as the Bitcoin price was still at $33k, received a lot of interest from Wall Street. In fact, people have put so much trust into Saylor’s business acumen that he could have gathered $1.5 billion in orders if he wanted to.

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Highly volatile

After the announcement, MicroStrategy saw its share price rise some 15%, taking it up some 40% for the year.

The stock has been highly volatile in 2021, with CryptoTips even reporting earlier this year that it was down some 50%, just when Tesla CEO Elon Musk said prices seemed a little high. Investing in MicroStrategy is clearly not for the faint at heart.

In fact, most market analysts are convinced that MicroStrategy now holds so much Bitcoin in its investment portfolio that its own share price is directly correlated to the price of Satoshi Nakamoto’s invention.

Reacting to billionaire investor Paul Tudor Jones’ decision to invest 5% of his portfolio in Bitcoin in order to adapt to rising inflation, Saylor stated:

If you invest 5% of your portfolio in bitcoin, you have made the decision to invest 95% of your portfolio in assets getting demonetized by bitcoin.