Articles

Michael Saylor sells bitcoins for the first time: is the time for investing in cryptocurrency over?

microstrategy

Michael Saylor is more convinced about the first cryptocurrency than anyone else. Since 2020, the founder of software maker MicroStrategy has invested more than four billion dollars in BTC in the hope that the price of the digital asset will continue to rise in the future.

MicroStrategy has been holding bitcoin holdings for more than two years, despite BTC’s plunge. Michael Saylor said that even during the leading cryptocurrency’s record high in November 2021, when BTC was worth nearly $70,000, he did not sell a single coin.

According to the company’s report, that is now changing. 2 December 2, 2022 MacroStrategy sold about 704 bitcoins, raising about $11.8 million. The average price was $16,776 per bitcoin. The reason for the sale was a tax break. Michael Saylor is still not giving up on his investment strategy.

In fact, MicroStrategy, whose CEO is a 57-year-old entrepreneur, bought about 3,205 new BTC for $56.4 million in December.

The average purchase price per MicroStrategy coin is currently around $30,400 and thus significantly higher than the current bitcoin price of $16,500.
The software company owns 132,500 BTC, making it the largest bitcoin holder among public companies. It is followed by Galaxy Digital Holdings with about 40,000 BTC.

Michael Saylor announces major changes

MicroStrategy wants to establish itself in the crypto industry in the future, and is planning projects using the Lightning Network to do so. Based on the Lightning Network bitcoin scaling solution, for example, there is to be a protection against DoS attacks, which Saylor calls Lightning Wall. The project is similar to the well-known proposal from Cloudflare.

Lightning Wall is just one of several ideas Saylor wants to implement based on the Lightning Network. He is currently looking for programmers who will support his initiative.

Share this

©2017 — 2022 CryptoZen.today

Sitemap XML