Saylor Teases Possible New Bitcoin Purchases Amid Dead Cat Bounce Debate
Michael Saylor, MicroStrategy's Executive Chairman, has hinted at new Bitcoin purchases in his latest post. The company had paused buying BTC for two weeks, according to its most recent regulatory filing.
In a chart of their holdings, Saylor wrote 'A little more orange,' which he has used before to disclose purchase information. MicroStrategy reports any Bitcoin buying every Monday, but the company's last purchase was August 31.
Jason Calacanis called Bitcoin's recent price action a dead cat bounce, saying it no longer excites the public and is poorly suited for transactions and smart contracts. Saylor responded by pointing to Bitcoin's growth since 2011, its $1.6 trillion market value, and its potential as a store of wealth.
The company has not bought BTC in two weeks but still holds roughly 845,050 BTC, acquired at an average price of $75,412 per coin. MicroStrategy spent $139.3 million buying back preferred shares instead of Bitcoin the week before last Monday's filing and had $1.30 billion left for purchases.