MicroStrategy CEO: We traded for 74 hours non-stop to buy 16,796 bitcoins
MicroStrategy CEO Michael Sailor has revealed new details of how his company organized the acquisition of 16,796 BTC. MicroStrategy announced this week that it has invested an additional $ 175 million in Bitcoin, in addition to the $ 250 million it invested in August..
According to Sailor, they had to trade non-stop for 74 hours and close trades every three seconds. As a result, 88,617 applications were processed, each for approximately 0.19 BTC.
“This is equivalent to $ 39,414 per minute, but we were always ready to buy $ 30-50 million if we were lucky to catch a 1-2% decline,” he added. “If we consider Bitcoin as a reserve asset, based on our model, 99.98% of all transactions will take place off-chain, and the assets at risk will be in cold storage 99.92% of the time.”.
Sailor previously spoke about the background that prompted MicroStrategy to transfer most of its reserves to Bitcoin: “To our own horror, we came to the realization that we were sitting on a block of $ 500 million, and it was melting. This is not speculation or hedge. This is the company’s directional strategy to adopt the Bitcoin standard. “.
Analysts, meanwhile, expect other companies to follow MicroStrategy’s lead. Willie Wu is betting on Twitter CEO and big Bitcoin supporter Jack Dorsey. He admits that Dorsey will decide to place in the cryptocurrency part of the corporate assets under his management in order to avoid their depreciation..
In conversation with the co-founder of Morgan Creek Digital Anthony Pompliano Sailor said there are currently 35,000 public companies with $ 5 trillion in free reserves. According to Wu, if such companies decide to place 1% of their capital in bitcoin, this will be enough to raise the cryptocurrency capitalization to $ 2 trillion..
Dorsey controls $ 10 billion in cash reserves on Twitter and Square. Inflation lowers their value. He only has one word in his profile, and that is the word bitcoin, “adds Wu..
Will Craig Wright get a million bitcoins at his disposal on January 1, 2020? Next week Craig Wright, the man who continues to insist,…
Bitcoin has brought Tim Draper more than $ 110 million since 2014 Billionaire, investor and famous venture capitalist Tim Draper, who has invested in such…
Jack Dorsey named the factors behind the emergence of Bitcoin as the Internet’s own currency Twitter CEO Jack Dorsey confirmed in a conversation with Reuters that…