MicroStrategy says they plan to HODL their Bitcoin and are exploring ways to BUY MORE
MicroStrategy is turning out to be one of the best friends to Bitcoin we could have ever hoped for
Today as part of the lead up to their Bitcoin for Corporations Event, they announced that they plan on holding their current bitcoin, buying more with the excess cash their business generates, oh and exploring additional ways to buy more bitcoin.
(Source: https://twitter.com/michael_saylor/status/1354899983594618889)
The last time they "explored various approaches to acquire additional bitcoin", it resulted in MSTR issuing roughly $650 million worth of convertible notes with the proceeds being used to buy up bitcoin.
Yea, that really happened.
These guys are quickly becoming some of the best friends that bitcoin could have ever hoped to have. Oh any by the way we are now less than a week away from their Crypto for Corporations Event...
Is the irony lost on anyone else that Michael Saylor will soon be presenting bitcoin and crypto to hedge funds that just got their teeth kicked in by retail that loves crypto?
In all seriousness though, there shouldn't be too many hedge funds at this event with it primarily being geared towards corporations and the Executives that run those corporations.
The drama surrounding GameStop is likely benefiting Bitcoin
Judging by the price action today, there should be plenty of momentum for bitcoin heading into the Bitcoin for Corporations Event...
Yea @edicted and @frot look to be in trouble as bitcoin looks to be setting up for a move north with the downtrend break today:
(Source: https://bittrex.com/Market/Index?MarketName=USD-BTC)
Though I will be the first to admit, the price needs to close above this line and hold it before I start getting too cocky just yet.
If this line does break and hold, it's a good indicator that the price is going to head towards new all time highs over the coming weeks.
Coinbase news barely made a ripple?
Lost in all the GameStop excitement and something that might also be helping bitcoin catch a bid today is the fact that Coinbase is going public via direct listing in the near future...
(Source: https://blog.coinbase.com/coinbase-announces-proposed-direct-listing-3a52c4298ccc)
No specific date was given but by listing via direct listing, the process if often quicker and cheaper than a more traditional IPO.
From my experience with S-1 Registration Statements, there will probably be several months from here and some back and forth with the SEC before it ultimately becomes effective, putting a listing potentially in the middle of this year.
Not ideal, but should be a good time for crypto either way.
Hopefully this recent strength in bitcoin today holds, and we begin the march back towards new highs over the coming days and weeks.
Stay informed my friends.
-Doc