The bold adventures of Michael Saylor and MicroStrategy! | Author: Dwayne D’cunha | The Capital | June 2021
Michael Saylor has been leading MicroStrategy, a company that provides business intelligence, mobile software, and cloud-based services. The company is led by staunch supporters of Bitcoin, who realize the potential of the currency and take steps to ensure that they board the cryptocurrency train. Michael also criticized the traditional financial processing methods and the various inefficiencies of centralized institutions. He also integrated blockchain technology to improve MicroStrategy’s existing services.
The company received $400 million after selling bonds used to buy bitcoin, which will enter its treasury. MicroStrategy’s existing 92,079 bitcoins will also be held by the recently established subsidiary MacroStrategy LLC. It is worth noting that the company has issued bonds worth US$1 billion. This important decision was made after the Fed was still unwilling to raise interest rates despite rising inflation. The company’s total impairment charges also exceeded US$500 million. This is the first time the company has acquired Bitcoin with such an effort, and this is certainly not the last.
MicroStrategy once again shocked the world with $500 million in bond sales, and eventually purchased $489 million in Bitcoin. This brings the total number of bitcoins owned by MicroStrategy and MicroStrategy to 105,085. The average purchase price of each bitcoin is approximately US$26,080. It spent approximately US$2.4 billion to acquire, as well as fees and expenses. At the time of writing, this is worth US$37,381,992,13 billion. At this rate, it is certain that he will not give up making similar purchases in the future, but it seems that he is related to other major tasks involving the Bitcoin Mining Commission.