• Tue. Apr 16th, 2024

Bitcoin Community Is Divided As MicroStrategy Buys Another Batch Of BTC

Jan 1, 2023

MicroStrategy, a major business intelligence and software analytics company recently found itself making it to the crypto headlines.

It happened after it was revealed that the company carried out another purchase of Bitcoin (BTC). It could be a surprise for the crypto community but for it is nothing more than a common investment for the company.

The cryptocurrency communities are confused why the company has purchased BTC when the overall crypto market is troubled by the decline.

The people aware of MicroStrategy and its mission pertaining to Bitcoin, know exactly what the company is doing. They understand that the company is sticking to its claim of investing in Bitcoin no matter the situation.

However, given the current market circumstances, the recent activity of MicroStrategy seems to have formed two sides. Surprisingly, the two sides are mainly between the Bitcoin communities.

Mixed Reactions from the Crypto Community

The officials at MicroStrategy recently made it public that they had acquired another batch of Bitcoin.

Although it was not a huge or not even a small batch, compared to the company’s previous purchases, it sent a frenzy across the board.

With the news going public, the communities from the cryptocurrency industry started to react, commenting on the recent move made by the analytics firm.

The cryptocurrency communities have reacted with mixed reactions following the acquisition of Bitcoin by MicroStrategy.

Michael Saylor Made the Announcement

As always, it was the CEO of MicroStrategy, Michael J. Saylor who dropped the news on the entire cryptocurrency community.

It was specifically the Bitcoin community he communicated to through the social media platform, Twitter. He announced how their company had processed another transaction of buying more Bitcoin.

Following the recent purchase, the overall token count for Bitcoin at the company is 132,500 BTC. According to estimates, the company spent well over $4 billion accumulating these many Bitcoin.

Unfortunately, things have not been well for the Bitcoin industry since the beginning of 2022. As the year kept moving closer to the last months of its tenure, Bitcoin price has continued facing a decline.

Even now, there is not much the value of Bitcoin has gained despite the recent rallies. The value of the asset is still very low and the total valuation of the BTC in possession by MicroStrategy now stands at $2.1 billion.

The majority of the Bitcoin community commended how MicroStrategy had remained loyal to their promise and claim. However, there were some who shared their negative thoughts about the move.

According to the users with the pessimistic approach, the recent actions of the business intelligence company will have negative effects on the cryptocurrency industry.

The “Rock Star”

There were many in the Bitcoin community who praised the announcement that Michael J. Saylor made. They were proud of the MicroStrategy chairman and CEO.

They praised how Saylor has remained loyal to his claim and how he has been working hard to ensure that the unbanked are able to benefit from their accumulation.

Many in the cryptocurrency industry were excited about Saylor’s move and claimed that they are compelled to invest in Bitcoin as well.

They even asked their fellow members to join them and invest in Bitcoin to push its price higher in the upcoming days.

Some Members have a Bad Feeling

While most of the users are inspired by Saylor’s move, some are not quite happy with the upcoming developments in light of the current activity.

As per them, Saylor’s actions would trigger a strong rally and that could mean that the price of the asset may get retested. If that happens, then there is a high chance that the value of BTC may hit another bottom level.

The Bitcoin Community is Active

No matter the outcome, it is now a fact that the company and its chairman have awakened the entire Bitcoin community.

This is a positive sign and it could mean that a strong rally may be in the making that may be witnessed very soon.

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