Saylor Hints at More MicroStrategy Bitcoin Buys Amid Dead Cat Bounce Debate
Michael Saylor, Executive Chairman of MicroStrategy, has hinted at more Bitcoin purchases after a debate over whether Bitcoin's recent price recovery is just a 'dead cat bounce'. In his latest post, Saylor wrote 'A little more orange' above a chart of the firm's holdings, which some investors interpreted as a sign that the company may have broken its two-week pause on buying Bitcoin.
MicroStrategy has not made any significant purchases in the past two weeks, according to its regulatory filings. The company last bought 4,603 BTC for $369.7 million on August 31, ending a 10-week pause. Saylor had previously used the 'A little more orange' format when announcing purchase disclosures.
The debate over Bitcoin's recent price recovery was sparked by Angel investor Jason Calacanis, who argued that the cryptocurrency is no longer capturing the public's imagination and works poorly for transactions and smart contracts. Saylor responded to Calacanis, saying 'Jason, you've watched Bitcoin grow since 2011. It's now a $1.6 trillion success and the world's most valuable digital asset. Digital Capital is the killer app.'