MicroStrategy Once Again Buys The Dip, Bags An Additional 480 BTC

Michael Saylor, the CEO of MicroStrategy, confirmed via a Twitter post Wednesday that the firm has once again bought the dip. The firm purchased an additional 480 bitcoins for $10.0 million and the average price per Bitcoin was $20,817.

"On June 29, 2022, MicroStrategy Incorporated announced that, during the period between May 3, 2022, and June 28, 2022, MicroStrategy acquired approximately 480 bitcoins for approximately $10.0 million in cash, at an average price of approximately $20,817 per bitcoin, inclusive of fees and expenses," the firm said in its 8K filing.

Peter Schiff, the Chief Economist & Global Strategist at EuroPac and one of the biggest supporters of gold and critics of Bitcoin, commented on Saylor's Twitter post.

"Increasing your stake by less than .004% seems more like an attempt to influence the market by demonstrating your conviction to other investors. But if you're so sure #Bitcoin is cheap, why not buy $100 million? You must think there's still a lot of downside left in this move," Schiff said.

Interestingly, as of June 28, MicroStrategy held 129,699 BTC acquired for $3.98 billion at an average price of $30,664 per BTC.

Recently, Saylor answered numerous questions regarding MicroStrategy's Bitcoin holding and added that now is the best time to buy Bitcoin. He also confirmed that MicroStrategy's BTC holding is not in jeopardy despite a loan taken by the firm to buy Bitcoin in April.

"My advice to anybody investing at Bitcoin is, unless you’re a professional high-speed trader with proprietary software, you ought to hold it for at least four years, and if you want to focus on something, focus upon the four-year, simple moving average. It’ll keep you from giving yourself anxiety, and that helps you to understand where we are in the lifecycle of the asset,” Saylor said at the CNBC’s “Squawk on the Street” show on June 17.