Michael Saylor's Strategy During the Crypto Market Crash
Despite the significant drop in the price of Bitcoin last week, Michael Saylor's company MicroStrategy continued to increase its cryptocurrency reserves. According to CoinDesk, MicroStrategy acquired an additional 1,142 bitcoins for about $90 million, with an average purchase price of $78,815 per coin.
This move by Saylor and his team once again demonstrates their commitment to a long-term investment strategy in Bitcoin, despite the volatility of the market. MicroStrategy, which is one of the largest corporate holders of Bitcoin, already owns more than 125,000 BTC, acquired at an average price of around $30,200 per coin.
The current decline in cryptocurrency prices, partly driven by the tightening of monetary policy by the US Federal Reserve, can be seen as an opportunity for long-term investors to increase their positions. Experts believe that Bitcoin and other crypto assets will continue to trend upwards in the long-term, so such market corrections can be beneficial for those who adhere to a 'buy and hold' strategy.