Microstrategy, the largest publicly-traded company with bitcoin on its balance sheet, announced that it bought another 7,000 BTC. Now Microstrategy holds 121 thousand BTC on its balance sheet worth about $7 billion.
7 thousand BTC was bought at a price of about $59.1K, although for several days from November 26 to 29 the price was about $54K and even dropped to $53.5K … Microstrategy CEO Michael Saylor doesn’t see this as a problem because he considers bitcoin to be the best store of value in the long term. This opinion is shared by other experts as well.
Mark Yusko, co-founder and managing director of investment firm Morgan Creek Capital Management, notes that bitcoin volatility does not matter much to investors looking to protect their funds from inflation:
– It’s not so much that bitcoin is getting better relative to those currencies. Those currencies are just getting worse. And the same thing is happening all around the world. There’s a global race to the bottom.
When countries’ economies run up debt, they have no choice but to devalue their currencies. “So that’s why you need in your portfolio a base of crypto as a store of value”, the expert notes. He also supposes that “macroeconomic conditions may get rocky over the next few months over the next few months”, and investing in bitcoin will be an advantage.
The market had not yet determined how to react to Jack Dorsey’s resignation as CEO of Twitter. Bitcoin’s short 2% drop was a nervous reaction from investors. Some of them are afraid that plans to integrate BTC into Twitter’s services will not be implemented now. However, most experts believe otherwise and believe that Dorsey left Twitter to focus on bitcoin. He himself stated that “the company is ready to move on from its founders”.
Dorsey now heads only his second company, payment operator Square Inc., which actively supports bitcoin as well and holds about $353 million in BTC. Back in 2018, the company developed an application for buying and selling BTC.
Square is also developing the decentralized exchange tbDEX and building its own cold (hardware) wallet. Dorsey has repeatedly noted that bitcoin is “a foundational internet technology that is not controlled or influenced by any single individual or entity”.