Michael Saylor Buys the Dip, Purchases Bitcoins Worth $25 Million

Micheal Saylor, the CEO of US-based business intelligence firm MicroStrategy has bought a fresh batch of 660 Bitcoin tokens as the crypto market registers heavy losses. In an official update, the 56-year-old businessman said that each Bitcoin he purchased during the dip costed him $37,865 (roughly Rs. 28 lakh) and he paid a total of $25 million (roughly Rs.187 crore) for his new tokens. His company account now holds a total of 125,051 Bitcoins, which Saylor claims to have acquired for $3.78 billion (roughly Rs. 2,830 crore).

Saylor's business intelligence company MicroStrategy has been purchasing Bitcoins since 2019.

Last year between November and December, the company bought two loads of Bitcoins at a per-token average prices of $57,477 (roughly Rs. 45 lakh) and $49,229 (roughly Rs. 35 lakh).

Saylor is a Bitcoin enthusiast and is known to defend the cryptocurrency against non-supporters.

He has reportedly predicted that in the coming years, the per-token value of the world's oldest cryptocurrency, Bitcoin, could reach $6 million (roughly Rs. 45 crore).

The entrepreneur is an active member of the Bitcoin Mining Council, and his company is the first publicly listed firm to invest in Bitcoin.

However, Saylor is not the only one to make it load up on Bitcoins when its value dips.

Nayib Bukele, the President of El Salvador also regularly indulges in discounted Bitcoin shopping. The central American nation declared Bitcoin as a legal tender last year and likes its treasury filled with Bitcoin tokens.

In January this year, El Salvador purchased a batch of 410 more tokens for $15 million (roughly Rs. 110 crore) after Bitcoin prices fell as low as $35,000 (roughly Rs. 25 lakh) from $42,270 (roughly Rs. 30 lakh) in recent times.

Several world governments including the US, India, and Russia are finding ways to regulate the crypto sector, leaving investors fearful and confused.

In addition, some countries like Iran have imposed temporary bans on crypto mining due to electricity shortages.

With these reasons lining up, the crypto market shed over $1 trillion (roughly 70,00,000 crore) since November last year, with Bitcoin's current market cap of $665 billion (roughly Rs. 50,56,000 crore) sliding down by almost $1.3 trillion (roughly Rs. 1,00,00,000 crore).

While Bitcoin is currently trading at around $38,396 (roughly Rs. 28.7 lakh) on international exchanges, the total market cap of the crypto market is $1.770 trillion (roughly Rs. 1,32,48,250 crore) as per CoinMarketCap.

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