Bitcoin Evangelist Saylor Wants You to Say These Words in Elevator
Have you ever wondered what you would ask MicroStrategy’s CEO if you were to meet him in an elevator?
In a recent social media post, the business mogul made it clear that he would want you to ask him about buying even more Bitcoin.
How do we buy more #bitcoin?
— Michael Saylor⚡️ (@saylor) September 25, 2024
As reported by U.Today, Saylor announced MicroStrategy’s latest Bitcoin purchase of more than $458 million on Sept. 20. The company’s holdings currently stand at more than a quarter million coins. MicroStrategy has now spent nearly $10 billion on its Bitcoin purchases.
The company uses proceeds from its debt offerings in order to buy more Bitcoin. The company issues bonds that can be converted into stock at a later date. Alternatively, bondholders can opt for cash.
Prior to the recent purchase, the business intelligence firm managed to raise more than $1 billion via its security notes offering.
How risky are Saylor’s Bitcoin bets?
In June 2022, there was some speculation about MicroStrategy potentially facing margin calls due to the price of Bitcoin collapsing to the $20,000 level. However, this was not the case.
Even though Bitcoin reached a new record high earlier this year, there are still some concerns about the company’s gargantuan Bitcoin holdings.
MicroStrategy is not going to face margin calls since its debt is actually not linked to Bitcoin as collateral. However, there is still a risk of the company eventually failing to meet its debt obligations if the cryptocurrency experiences a massive correction.
Bitcoin is currently trading close to the $64,000 level, according to CoinGecko.
