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MicroStrategy Purchases Another $650M Bitcoin, Convincing Elon Musk Large Transactions Can be Done

Another weekend, another round of Bitcoin—MicroStrategy has announced another purchase of Bitcoin, this time, of $650 million in BTC. The billion-dollar intelligence firm has added to its Bitcoin stash, with a new purchase of 29,646 Bitcoin for $650 million, averaging $21,925 per BTC.

Bitcoin has recently consolidated after reaching its new all-time high at over $24,100. MicroStrategy’s CEO, Michael Saylor tweeted the announcement as Bitcoin has seen a correction.

MicroStrategy now owns more Bitcoin than the United States government, making it the fifth largest holder of BTC. The US government has around 69,420 Bitcoin, which makes it the sixth largest holder of the cryptocurrency.

MicroStrategy has now a total of 70,470 BTC, the average price per Bitcoin at $15,964. The publicly-traded billion dollar software firm first announced its Bitcoin investment strategy, with an initial purchase of 21,454 Bitcoins.

The billion-dollar firm invested in Bitcoin during a period of economic uncertainty, due to COVID-19, and the roll out of stimulus. The investment decision was made as part of the company’s two-pronged capital allocation approach as announced in the company’s second-quarter 2020 financial results in late July this year.

Michael Saylor convinces Elon Musk to shift dollars to Bitcoin

Michael Saylor recently encouraged the Tesla founder to shift his US dollars from Tesla’s balance sheet to Bitcoin. He said:

“If you want to do your shareholders a $100 billion favor, convert the $TSLA balance sheet from USD to #BTC. Other firms on the S&P 500 would follow your lead & in time it would grow to become a $1 trillion favor.”

This came after Elon Musk has tweeted a series of tweets suggesting that he has been tempted to invest in Bitcoin, as the cryptocurrency’s price has recently skyrocketed. Musk replied to Saylor, asking:

“Are such large transactions even possible?”

Saylor responded that he has purchased over $1.3 billion in Bitcoin the past few months, and is happy to share with Musk his playbook.

MicroStrategy to issue $400 million in securities to buy more Bitcoin

MicroStrategy announced that the firm has plans to issue $400 million in convertible senior notes, which is a debt security that can be converted into the company’s shares. The securities would be issued under the Rule 144 of the Securities Act, which would only be made available for qualified institutional investors.

Elon Musk, The Richest Person on Earth, Wants to Be Paid in Bitcoin

Elon Musk, the founder of Tesla Motors, US giant company behind the manufacturing of electric cars, and SpaceX, an aerospace manufacturer and space transportation firm, has mentioned that he would never turn down being paid in Bitcoin.

Musk was responding to a tweet posted by Ben Mezrich who said:

“I’m never turning down getting paid in Bitcoin again.”

Ben Mezrich is the author of the famous movie “The Social Network,” and the author of “Bitcoin Billionaires”, a story about the foray of the Winklevoss twins (Cameron Winklevoss and Tyler Winklevoss) into digital money.

Musk responded to Mezrich’s tweet by saying:

“Me neither.”

It appears that Mezrich might have rejected a payment in Bitcoin in the past. But now he has publicly declared that he would never turn down such a payment again.

Musk is known to be a fan of Bitcoin, frequently posting tweets about the largest cryptocurrency and other altcoins.

Before Christmas, December last year, the Tesla CEO made a tweet that sparked wild speculation that his electric automobile company could add Bitcoin to its balance sheet.

In the tweet, Musk was responding to Michael Saylor, the CEO of MicroStrategy business intelligence software company, after the software firm attracted massive attention by making a purchase of more than $1 billion worth of Bitcoin. Musk asked Saylor whether it was possible to convert billions of Tesla’s dollars to Bitcoin.

Saylor responded to Musk in a tweet by encouraging the billionaire Tesla founder and CEO to make the move. Saylor tweeted:

“If you want to do your shareholders a $100 billion favor, convert the $TSLA balance sheet from USD to #BTC. Other firms on the S&P 500 would follow your lead & in time it would grow to become a $1 trillion favor.”

A week later, Musk, who wants to send humans to Mars within a few short years by the year 2024 and build a self-sustaining city in the planet by 2050, posted a tweet that a future economy on Mars could be based on cryptocurrency like Bitcoin.

Bitcoin as An Alternative Form of Money

Every CEO faces the challenge of how to preserve and improve shareholder value in the face of the unprecedented uncertainty and economic crisis caused by the coronavirus. Michael Saylor, the MicroStrategy CEO, sees Bitcoin as the best solution to the store of value problem faced by every corporation, investor, and individual on earth.

Bitcoin’s surge to record new highs has attracted investors who are racing for exposure to the rally. The leading cryptocurrency has hit above $40,000 for the first time this week, amid surging interests from larger investors.

Elon Musk Backs Bitcoin as His “Favourite” Crypto, Dogecoin Becomes First Altcoin to Outrank BTC in Tweet Volume

In the past 24 hours, Dogecoin has exponentially grown on the back of GameStop (GME)’s success, much to the delight of the cryptocurrency community.

Dogecoin (DOGE) rallied and surged by nearly 400%, as reported by Blockchain.news. Along with its success, the cryptocurrency has been heavily tweeted about on social media. THE TIE picks up on this, suggesting through its data that for the first time in history, an altcoin has surpassed Bitcoin in terms of social volume. Per The TIE:

“Dogecoin tweet volume has surpassed Bitcoin over the last 24 hours. This is the first time we have on record that an altcoin has been tweeted about more than Bitcoin over a 24-hour period.”

DOGE’s surge in price and social volume may be attributed to r/WallStreetBets, as the meme-based cryptocurrency has gained traction off the back of the Reddit-pumped stock – GameStop. A Twitter account dubbed “WSB Chairman,” which clarified that it was not associated with the Reddit account responsible for GME shares shooting through the roof, questioned:

“Has Doge ever been to a dollar?”

Has Elon Musk converted to Bitcoin?

DOGE is also allegedly the favorite cryptocurrency of Tesla founder Elon Musk. The billionaire previously touted the cryptocurrency on his Twitter, pumping up the price just with a simple shoutout to “Doge.” The Tesla founder also playfully touted himself as the founder of Doge on social media.

Now, he commented on GameStop’s success, which has been attributed to the work of young day traders and investors who have shorted the stock. Per the billionaire, “u can’t sell house u don’t own, u can’t sell cars u don’t own but u *can* sell stock u don’t own!? (sic) This is bs – shorting is a scam, legal only for vestigial reasons.”

There have been speculations that Elon Musk has been backing Bitcoin previously, with MicroStragy’s CEO offering him advice on how to get started with cryptocurrencies. As reported by Blockchain.news, Saylor previously proposed that Musk allocate a portion of Tesla’s treasury reserve to Bitcoin.

It is safe to say that by now, Bitcoin has definitely piqued the billionaire’s interest. The Tesla founder has now changed his status on his Twitter profile to read “#bitcoin.”

Although the mainstream cryptocurrency has been stagnant all week, it has now recovered and is trading at approximately $36,882 at the time of writing, up a near 18% in the last 24 hours. This bullish behaviour may partially be due to the decentralized sector gaining more recognition in recent days, wth centralized financial platforms being heavily criticized for halting GME shares.

Republican Senator Cynthia Lummis Bought Bitcoin for Value Store and Censorship Resistance

American politician and member of Congress, Senator Cynthia Lummis (R-WY) has declared her bullish position on Bitcoin and plans to educate her colleagues in Congress on Bitcoin and financial innovation

Per her Twitter post, Senator Lummis might have purchased Bitcoin because of two of its unique qualities including its properties a store of value, and for its censorship resistance. Lummis said:

“I came for the store of value. Staying for the censorship resistance.”

Since last year, many prominent Americans including top Wall Street businessmen and politicians have embraced Bitcoin, both as a store of value to preserve their firm’s balance sheet and for the latter, the cryptocurrency was received to support election campaigns. Either of these two ways Bitcoin was embraced, the backing that the digital currency received from these classes of people contributed to the ongoing bull run.

The Senator is one of the prominent people in the United States government to declare her support for the premier cryptocurrency. Speaking earlier on Anthony Pompliano’s Podcast, Senator Lummis promised to form a caucus in the United States Senate where she will work to educate some of her other colleagues about the importance of financial innovation for “the economy, national security & continued U.S. leadership in world markets.”

Earlier, tech inventor and entrepreneur Elon Musk, the Chief Executive Officer of electric vehicle maker, Tesla, updated his Twitter profile status to bear the hashtag #Bitcoin, a move that sent the price of Bitcoin up more than 18% on Friday. The attractiveness of Bitcoin is all the more increasing with these big names going all-out to support the virtual currency.

While the influence of politicians like Senator Lummis can metamorphose into improved legislation for Bitcoin and the entire cryptocurrency industry, those of Elon Musk’s can prompt other CEOs to go bullish on the coin, and either of the two moves will result in an overall improvement in the performance of Bitcoin as a whole.

Elon Musk says He’s “Off Twitter For a While” After Sending DOGE and BTC Soaring

Elon Musk is taking a break from Twitter after a few weeks of market-moving opinions on Dogecoin and Bitcoin.

The Tesla and SpaceX founder also voiced his support for the actions of the Reddit group WallStreetBets (WSB) while slamming the hypocrisy of hedge funds complaining while profiting from their own form of exclusive market manipulation.

The world’s second-richest man, Musk said tweeted today:

“Off Twitter for a while”

With the influence Musk currently seems to hold over the crypto markets and all markets in general, perhaps the Tesla CEO spending some time in lieu may be a good thing.

DogeCoin (DOGE) Tweets

The Tesla founder also playfully touted himself as the founder of Doge on social media. Following this simple and playful tweet, the price of Dogecoin immediately surged by 25% exemplifying the influence the SpaceX founder has on the markets.

GameStop Tweets

Amid the market controversy surrounding the WSB Reddit group and the short squeeze play on GameStop shares—Musk showed public support for the Reddit groups success and condemned the actions of the hedge fund manager’s shorting stocks at all. Musk Tweeted:

u can’t sell a house u don’t own,
u can’t sell cars u don’t own
but u *can* sell stock u don’t own!? (sic)
This is bs – shorting is a scam, legal only for vestigial reasons.

On Musk’s announcement that he will be taking a step back from Twitter, the self-identified Chairman of Wall Street Bets tweeted his own thanks to the billionaire— he wrote:

“Thank you for everything Elon”

Bitcoin

The Tesla CEO has always danced around the subject of Bitcoin—in December 2020, the crypto world was fixated on a Twitter exchange between Tesla and SpaceX founder Elon Musk and MicroStrategy’s CEO Michael Saylor, which led to Saylor offering to share his Bitcoin playbook.

Last week however, Musk added #Bitcoin to his Twitter profile and officially publicly endorsed the cryptocurrency for the first time, which sent the Bitcoin price surging to $38,000 over the weekend, before coming back down to the low $30,000 region.

The Bitcoin price has stagnated since , trending sideways between $32,000 and $34,000 but has shown new signs of strength breaking above $35,000 today.

As Elon Musk announces is time in lieu from Twitter, Blockstream’s CSO Samson Mow asked the billionaire for one more shoutout to Bitcoin to send the price surging.

Mow tweeted:

Can we get another #Bitcoin tweet before you go.

Musk unfortunately has not complied with Mow’s request.

Elon Musk Influence on the Price of Bitcoin Has Almost Faded Away

The current price of Bitcoin at $33,761 according to CoinMarketCap has shown that the influence of Elon Musk, the highly vocal Chief Executive Officer of Electric Vehicle maker Tesla and Space exploration firm SpaceX, on Bitcoin (BTC) has not been enough to usher the premier cryptocurrency into new price high territories.

As reported earlier by Blockchain.News, Elon Musk updated the status on his Twitter profile to read “#bitcoin,” a move many identified as bullish for the cryptocurrency.

Following this update, Bitcoin Twitter went agog sending the price of the cryptocurrency up by more than 18% on Friday to trade at $36,882 at the time. While many expected the momentum to be sustained over the weekend, the influence of the inventor who recently ranked as the richest man on the planet failed to usher the coin to new all-time highs above the $42,000 it set back in January.

Bitcoin’s Appeal Amidst WallStreetBet Drama

The switch to Bitcoin in the past week even by Elon Musk may be attributed to the appreciation of the decentralized and censor-free provisions of Bitcoin and cryptocurrencies in general. This comes amidst the drama that ensued between Institutional short-sellers on Wall Street and a group of Redditors organized in a chatroom dubbed r/wallstreetbets. The Redditors aimed to pump the price of certain stocks including GameStop so as to increase their price and valuation at the expense of the short-sellers.

This worked as the shares of GameStop soared in price by more than 2000% but the stock brokerage platforms came to the rescue by halting the trades of GameStop shares. The fact that the stock market is aimed at favoring the rich at the expense of the retails perhaps, briefly pushed some retailers to appreciate the censor-free potentials of Bitcoin.

While Bitcoin was in the spotlight through Elon Musk last week, reports have it that the same group of Redditors is planning to bet big on XRP, amidst the legal brawl with the US SEC.

Image source: Blockchain.news

Elon Musk Says "Dogecoin Is The People's Crypto"

Elon Musk, the renowned CEO of Tesla Inc. has once again playfully reiterated that Dogecoin (DOGE), the cryptocurrency based on the meme of a shiba inu, was the way to go.

It is no news that the CEO has a long-standing love for Dogecoin, having playfully touted the cryptocurrency which contributed to its ongoing rally. As market sentiment surrounding DOGE continues to be bullish, Elon Musk has now mentioned Dogecoin again, declaring that the coin is the people’s crypto.

Per his exact words, he said,

“Dogecoin is the people’s crypto,” adding in another tweet that there is “No need to be a gigachad to own” the coin.

As expected, the comments have sparked a new bout of interest among more conservative investors, especially those who made a sell-off in the past week following a massive rally of the coin in a bid to mirror GameStop’s gains in the cryptocurrency ecosystem.

Dogecoin Associated With Pump and Dump Scheme

Despite the massive rally Elon Musk has thrown behind Dogecoin, leading to the cryptocurrency ranking among the top 20 cryptocurrencies, many people have capitalized on these supposed “promotional gestures” to turn the coin into a pump and dump scheme.

Each attempt to promote the coin as a “must-own” crypto usually stirs a massive rally that encourages a lot of people to buy up the coin. Prior to the ongoing movement in the market at the time of writing, Dogecoin saw an increase of about 800% in the past week in which its price soared. The coin has since fallen back to $0.03 from $0.08 after many bears sold off their holdings.

With Elon’s latest accolade for the altcoin, it is rallying more than 53% to $0.05 at the time of writing according to CoinMarketCap. What is yet to be determined is whether this new rally will be another pump and dump scheme that the cryptocurrency is known for.

Does Elon Musk hold cryptocurrencies?

While Elon Musk’s playful praise for Dogecoin is what many in the crypto space have grown accustomed to, the CEO who is also the founder of SpaceX shocked the world when he declared his support for Bitcoin by updating his Twitter profile status with the BTC tag.

As Elon Musk doubled down on his support for Dogecoin, however, the status is no longer bearing the Bitcoin tag. While Musk has touted both Bitcoin and Dogecoin through social media platforms, he has yet to publicly come forward and declare that he, too, owns cryptocurrencies. However, the fact that he may hold some may not be surprising, as Bitcoin and other digital assets have increasingly gained the attention of renowned investors recently.

Tesla Inc Purchases $1.5 Billion in Bitcoin and Plans to Begin Accepting BTC Payments

On Monday, February 8, Tesla Inc. announced that it has purchased $1.5 billion worth of Bitcoin. In a filing with the US Securities and Exchange Commission (SEC), the electric vehicle company stated that it purchased the Bitcoin for “more flexibility to further diversify and maximize returns” to enable it to invest in cash reserve in “alternative reserve assets including digital assets”.

Furthermore, the firm stated that it will begin accepting payments in Bitcoin in exchange for its products. This sets to make the company the first major auto manufacturer to accept crypto payments.

The company mentioned that since its audit committee approved the decision, it had “invested an aggregate $1.5bn in Bitcoin under this policy and may acquire and hold digital assets from time to time or long term”.

As per the SEC filing, the $1.5 billion held in Bitcoin represents an estimate of 8% of the entire $19.4 billion that Tesla holds in liquid assets and cash.

The decision has raised immediate questions around Tesla CEO, Elon Musk’s behavior on social media recently, when he has been crediting for driving the prices of cryptocurrencies such as Bitcoin and dogecoin by tweeting positive messages that have encouraged more people to purchase the virtual currencies.

Two weeks ago, the Tesla founder and owner added the hashtag #bitcoin to his Twitter bio, a move that helped to increase Bitcoin price by almost 20%. On February 2, the price of dogecoin also rose by 50% after Musk tweeted about it.

Following Tesla’s announcement on Monday, the prices of Bitcoin have surged to new highs, hitting a price of around $44,200. Tesla shares also rose more than 2.5% in premarket trading. In its SEC filing, the automaker warned its investors of the volatility associated with the price of Bitcoin.

Companies Betting Big on Bitcoin

Tesla’s move to invest in Bitcoin comes over a month after the CEO of MicroStrategy, Michael Saylor, invited Elon Musk’s Tesla to get into the leading cryptocurrency. It was not long before Musk began tweeting more about Bitcoin and even adding the cryptocurrency to his Twitter bio.

Last week, February 3, Bitcoin evangelist, Michel Saylor, hosted MicroStrategy WorldNow conference, an event aimed to entice institutional investors into Bitcoin. At the event, Saylor predicted that several public companies would convert their balance sheet into Bitcoin. His revelation has come true, demonstrated by Tesla’s move to make a big shot into Bitcoin. This legitimizes Bitcoin as a currency, a store of value, and a hedge against inflation. Therefore, many other companies on the S&P 500 would likely follow Tesla’s lead in converting the cash reserves into Bitcoin. Software firm MicroStrategy became the first publicly-traded company to heavily invest in Bitcoin and it was followed by Square Inc.

Crypto Community Braces For Altcoin Explosion As Bitcoin Smashes New ATH

It is a great day for the Bitcoin (BTC) advocates and investors, particularly those who took a position with the premier cryptocurrency ahead of the ongoing bull run. Bitcoin has jumped to a new all-time high (ATH) above $47,000, as Tesla Inc shocked the world when it revealed it has purchased $1.5 billion worth of the cryptocurrency.

Elon Musk, the Chief Executive Officer of Tesla has recently given numerous positive inclinations about his love for Bitcoin and how he feels he’s late to the party. However, the Tesla Bitcoin investment is the first time the company and Elon Musk will be associated with that much amount of Bitcoin, and coupled with his prior influencer status on social media, the news complementarily pumped the price of Bitcoin to new price levels.

At the time of writing, Bitcoin is up 22% to $47,150.55 according to CoinMarketCap.

Altcoin Correlation and More Growth Surge Expectations

Usually, the price movement of Bitcoin is always positively correlated with altcoins and most are also jumping alongside Bitcoin. Ethereum (ETH) is up 7.21% to $1,729.36, Litecoin (LTC) surged by 12.63% to $169.31 while Bitcoin Cash (BCH) pumped 10.26% to $491.40.

Amidst this rally, the Twitter crypto community are anticipating massive inflows of liquidity into altcoins this year. One user @AltcoinPyscho tweeted;

“I don’t think you guys understand how much capital is about to flow into alts.”

Another altcoin price watch handle, @AltcoinDailyio noted that “This year will be our best year,” in direct reference to altcoins.

It is expected that the plummeting price of Bitcoin will stir investors to consider alternatively relevant but cheaper digital assets to own. If this happens, many altcoins whose price levels have largely remained dormant over the years may receive new investor inflows, capable of pushing their values higher.

MicroStrategy CEO says Tesla has De-Risked BTC Acquisition for Public Companies

Bitcoin (BTC) advocate and the Chief Executive Officer of MicroStrategy Incorporated, Michael Saylor is thrilled that Elon Musk and Tesla finally took the big bet to put Bitcoin on the latter’s balance sheet and he believes other public companies will surely follow and ramp up BTC acquisition.

As reported by Blockchain.News, Tesla revealed it had purchased $1.5 billion worth of Bitcoin on Monday, an announcement that sent the price of the digital currency to a new all-time high.

Michael Saylor has been instrumental to the adoption of Bitcoin by Tesla, and Elon Musk as he has become a very vocal advocate of corporations keeping their excess liquidity in Bitcoin. His advocacy is backed up by a similar move he has also made when he used about a sizeable amount of his investors’ money to purchase Bitcoin.

Ever since Saylor has offered to share his Bitcoin playbook with Musk based on his curiosity as to whether Bitcoin can process a large cash transaction. MicroStrategy responded to this curiosity by investing $650 million of investors’ money in Bitcoin at the time, bringing the total amount of invested funds above $1.3 billion.

Following the latest news that Elon’s Tesla has now joined the Bitcoin party, Saylor tweeted:

“Congratulations & thank you to @elonmusk & @Tesla on adding #Bitcoin to their balance sheet. The entire world will benefit from this leadership.”

In another tweet, Saylor said he believe that Tesla’s move has de-risked the acquisition of Bitcoin by publicly listed companies. Per his words:

“Tesla $TSLA has de-risked the acquisition of #bitcoin by public companies and accelerated the digital transformation of corporate balance sheets. Treasurers are now thinking about how to convert a non-performing asset into the best performing asset.”

Michael Saylor has been sharing a similar playbook with tons of other Wall Street firms through Webinars and virtual broadcasts. Expectations mount that Tesla’s move will prompt other top firms to join the Bitcoin party.