MicroStrategy Buys A...

MicroStrategy Buys Another $15 Million in Bitcoin “Buying the dip”

By José Oramas May 15, 2021 In Crypto News, Institutions

It looks like MicroStrategy just bought the Bitcoin dip after Tesla announced it would stop accepting it as payment, citing “environmental concerns”.

Michael Saylor, CEO, confirmed the US$ 15 million purchase via Twitter. MicroStrategy now owns a total of 91,850 Bitcoins for roughly 2.241 billion at an average price of US$ 24,403 per Bitcoin.

MicroStrategy has purchased an additional 271 bitcoins for $15.0 million in cash at an average price of ~$55,387 per #bitcoin. As of 5/13/2021, we #hodl ~91,850 bitcoins acquired for ~$2.241 billion at an average price of ~24,403 per bitcoin. $MSTR https://t.co/EwZnRkAt6k
— Michael Saylor⚡️ (@saylor) May 13, 2021

MicroStrategy Ignores Tesla’s Bitcoin Criticism

Tesla took a toll on Bitcoin after it announced the company wouldn’t accept Bitcoin payments due to environmental problems, and it was looking into more “environmental friendly” cryptocurrencies, like Dogecoin.

It appears the announcement sparked a heated debate where not only Saylor but influencers like Anthony Pompliano discussed Bitcoin’s energy consumption.

Ironic because no incremental energy is used in a #bitcoin transaction. The energy is used to secure the crypto-asset network, and the net impact on fossil fuel consumption over time will be negative, all things considered.
— Michael Saylor⚡️ (@saylor) May 12, 2021

Not only BTC plunged after the announcement, but the entire crypto market shed billions. The whole crypto market dipped below US$ 2 trillion, and most currencies saw price drops between 5-30%. However, Most proof-of-stake (PoS) cryptocurrencies saw a surge in price after Tesla backtracked on Bitcoin.