Bitcoin [BTC] and the latest drop to a low of $20K was horrendous for many. However, the bear market seemed favorable to those looking to fill their reserve. Retail investors often stay away from the market while bears are comfortable. However, most institutional investors who already have significant stakes continue to accumulate more coins. Microstrategy has plunged into the market every time Bitcoin plummets. Again, using BTC’s latest slump, the company went on to buy $10 million worth of BTC.
Michael Saylor, the CEO of Microstrategy, has repeatedly expressed an interest in Bitcoin. Saylor revealed the company’s latest purchase, tweeting:
This purchase was made in the past few weeks. Currently, Microstrategy has 129,699 coins. The last investment was made between May 3, 2022 and June 28, 2022. During this time, Microstrategy bought Bitcoin at an average price of $20,817 per coin.
Microstrategy’s latest purchase came as no surprise to the community. Still, some doubted this move, as the company had already dropped $1.34 billion on its Bitcoin purchases.
Terra whistleblower FatMan responded to Saylor’s tweet, writing:
“You go down in history as a great hero or a great fool. Either way, you will be remembered forever. Thank God, sir.”
While this is certainly an important process, several have emphasized the importance of retail investors in the market. Tom Loverro, the former Coinbase board member, tweeted:
‘There is no greater Bitcoin bull than Michael Saylor,’ says the crypto community
During the bear market, several lost faith in the king’s mint. The fact that it didn’t go beyond $21K and kept plunging below $20K put many off. Meanwhile, Saylor suggested that Bitcoin was a lifeboat. He even said that the current market conditions were an ideal starting point for the king’s coin. When he appeared in an interview, he said:
Saylor would extend his interest and investment in Bitcoin to the end. Earlier today, BTC actually fell to $20K. However, at the time of writing, the asset was trading at $20,036 with a daily decline of 4.68 percent.