Bitcoin
Bitcoin
Out of context: Reply #2056
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- drgs0
- greedy dudeKrassy
- He's annoyingNBQ00
- this guy bought at what 44k last time, so basically he lost some millions today
if BTC hitting 41K he will be well in the red...grafician - i think if it hits 43K the survival of his company Microstrategy becomes an issue/jonny_quest_lives
- he actually used his company's money to acquire BTC so his personal risk exposure is 0.jonny_quest_lives
- August 2020, Microstrategy announces it would make BTC its primary reserve asset. And it proceeded to buy $425m worth of bitcoin, reducing its cash reserves 90%jonny_quest_lives
- December 2020 Microstrategy announced its intention to borrow $650m to invest in yet more bitcoin...jonny_quest_lives
- well look up his personal net worth, it might be tied to the company so if the company tanks...grafician
- NBQ is already standing by with a new #lossporn video about Microstrategy this time?grafician
- It's a bit difficult to find a source that has tracked all the Microstrategy BTC purchases chronologically ...jonny_quest_lives
- but i think $43K per bitcoin is probably a huge red fllag for this company as BTC is now their primary reserve asset and they took on debt to increase theirjonny_quest_lives
- BTC holdings... back indecember 2020... also as @grafician has pointed out they seem to have bad timing when acquire more BTC... Their 2021 BTC buys have to bejonny_quest_lives
- underwater right now.jonny_quest_lives
- here you go jonny: https://decrypt.co/7…grafician
- "MicroStrategy’s Bitcoin holdings comprise 97% of its market cap of $4.76 billion."grafician
- from that article: he bought a few days ago again at $55K for $15M in CASH lolgrafician
- also he will not sell as he is a nuts at this point, all bitcoin "maximalists" are basically nutsgrafician
- Microstrategy's 1st major BTC purchase in 2020 was to take their $425 million cash reserves and buy BTC outright... Seemed crazy...jonny_quest_lives
- and according to their financials they took a $44.2 impairment on that investment.... because duh BTC is volatile... their response?jonny_quest_lives
- Take on additional $650 million in debt to buy more... Taking money you don't have acquiring a speculative asset is risky as an individual...jonny_quest_lives
- Doing that on a corporate level is at the least gross negligence and or possibly corporate fraud.jonny_quest_lives
- It's not like Microstrategy is Microsoft... By all appearances been running on fumes since the dot com era but they do employ 2000 or so people..jonny_quest_lives
- so his decisions as the majority vote holder on the Microstrategy board have consequences.jonny_quest_lives