Earlier today, CEO of MicroStrategy Michael Saylor announced that his company had purchased another 480 BTC worth approximately $10 million, CZ of Binance reacted to this saying this was a great move.
Here’s What Binance’s CEO Thinks About Michael Saylor
MicroStrategy is one of the biggest holders of Bitcoin and the most affected by the ongoing “crypto winter”. Its CEO Michael Saylor took to Twitter today to announce that the firm had acquired more BTC despite being in a loss of over $1 billion.
Binance CEO Changpeng Zhao has supported MSTR’s move and tweeted that MicroStrategy CEO Michael Saylor, will end up having the last laugh, indicating that the two billionaires remain strongly bullish on BTC.
The company now holds 129,699 bitcoins (BTC) acquired for $3.98 billion, or an average cost of $30,664 each. At press time, bitcoin is fluctuating at $20,100, making MSTR’s stash worth approximately $2.6 billion
CEO Michael Saylor has said several times that the company plans to hold the bitcoin long term and has no plans to sell it. In March, MicroStrategy took out a $205 million loan from Silvergate in order to purchase more Bitcoin, and he has allayed investors’ fears of a potential margin call.
The margin call thing is much ado about nothing – Saylor
In a CNBC squawk on the street interview, Michael Saylor gave his thoughts about the liquidation talk on people’s lips about his company, he said,
The margin call thing is much ado about nothing, It’s just made me Twitter famous, so I appreciate that,
Saylor also told CNBC that MicroStrategy continues to generate cash flow, and that “from time to time as we have excess cash, we’re going to buy more [bitcoin],
He went on to add that MSTR’s main strategy is to buy and hold.When asked if it would make sense for the company to buy some of its own bonds, which are trading at a discount, Saylor said that the securities market is high risk and that the company’s investors are in the know of MSTR’S bitcoin-focused strategy.