What the Blxck?! | MicroStrategy Bucks Elon Musk Bitcoin Pessimism
Business intelligence firm is closing in on 100,000 coins in its coffers.
Topic at a Glance…
· Elon Musk has drawn the ire of the Bitcoin community over the past few days, his Twitter account becoming a crypto-community battlefield as Bitcoin’s price has tumbled.
· In response to the price-drop, business intelligence company MicroStrategy has “bought the dip,” bringing their total to nearly 100,000 coins.
$BTC Bitcoin’s price has taken a tumble over the past few days, reaching lows it hasn’t seen since earlier this year in March. Much of the downturn has been in response to a series of tweets from Elon Musk, with the Tesla CEO questioning the value proposition of the cryptocurrency.
Elon Starts Battling with Bitcoiners
All of the dramatics started when Musk tweeted out that $TSLA Tesla would no longer be accepting Bitcoin as a valid form of payment for their vehicles, citing environmental concerns. After noting the backlash to the action, he took to $TWTR Twitter once again to try and assuage concerns.
His battles continued, however, resulting in a further depression of Bitcoin’s price, dumping from around $50,000 all the way down to $43,000.
MicroStrategy Strengthens Position
Taking advantage of the dip, Michael Saylor’s $MSTR MicroStrategy bought an additional $10 million of the cryptocurrency, strengthening its holdings to nearly 100,000 coins.
A long-time Bitcoin advocate and proponent, Saylor has also been battling with gold advocate Peter Schiff over the overtake of gold by Bitcoin. While Schiff is accurate in noting that in the short-term Bitcoin has not been as lucrative for companies that have moved some of their balance sheets to the crypto, Bitcoin’s past boom and bust cycles will likely prove out for Saylor.
As the cryptocurrency market capitalization continues to expand and encroach on traditional stalwart stores of value, expect more friction as new technology overtakes the old.