{"id":532767,"date":"2022-12-30T22:15:00","date_gmt":"2022-12-30T19:15:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/crypto-biz-did-michael-saylor-buy-the-bitcoin-bottom-for-once\/"},"modified":"2022-12-30T22:15:00","modified_gmt":"2022-12-30T19:15:00","slug":"crypto-biz-did-michael-saylor-buy-the-bitcoin-bottom-for-once","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/crypto-biz-did-michael-saylor-buy-the-bitcoin-bottom-for-once\/","title":{"rendered":"# Crypto Biz: Did Michael Saylor buy the Bitcoin bottom for once?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3ccbc322a98\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3ccbc322a98\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-biz-did-michael-saylor-buy-the-bitcoin-bottom-for-once\/#%E2%80%9D_Crypto_Biz_Did_Michael_Saylor_buy_the_Bitcoin_bottom_for_once_%E2%80%9C\" >&#8221; Crypto Biz: Did Michael Saylor buy the Bitcoin bottom for once?  &#8220;<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-biz-did-michael-saylor-buy-the-bitcoin-bottom-for-once\/#MicroStrategy_adds_to_Bitcoin_stake_despite_steep_loss\" >MicroStrategy adds to Bitcoin stake despite steep loss<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-biz-did-michael-saylor-buy-the-bitcoin-bottom-for-once\/#Public_Bitcoin_mining_companies_plagued_with_4B_of_collective_debt\" >Public Bitcoin mining companies plagued with $4B of collective debt<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-biz-did-michael-saylor-buy-the-bitcoin-bottom-for-once\/#CZ_addresses_reasons_behind_Binances_recent_FUD\" >CZ addresses reasons behind Binance\u2019s recent FUD<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-biz-did-michael-saylor-buy-the-bitcoin-bottom-for-once\/#Fidelity_plans_NFT_marketplace_and_financial_services_in_the_metaverse\" >Fidelity plans NFT marketplace and financial services in the metaverse<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-biz-did-michael-saylor-buy-the-bitcoin-bottom-for-once\/#Before_you_go_What_does_2023_have_in_store_for_crypto\" >Before you go: What does 2023 have in store for crypto?<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Crypto_Biz_Did_Michael_Saylor_buy_the_Bitcoin_bottom_for_once_%E2%80%9C\"><\/span>&#8221; Crypto Biz: Did Michael Saylor buy the Bitcoin bottom for once?  &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTIvZGQ2MjkxNmYtZWU3ZC00NGNmLWJhYjgtMGEyZGI3ZGRjMGRmLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-6ed77c39>Business intelligence firm MicroStrategy is showing no signs of backing down on its Bitcoin gambit. Right around the time that Sam Bankman-Fried was being exposed as a fraud, MicroStrategy was scooping up more Bitcoin (BTC) \u2014 this time, the firm bought as close to the bottom as it\u2019s ever gotten. While Bitcoin can always go lower, seeing a MicroStrategy buy around $17K is refreshing. Interestingly, MicroStrategy also sold some BTC earlier this month \u2014 but not for the reason you think (more on that below.)<\/p>\n<p>The final Crypto Biz <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a>letter of 2022 discusses MicroStrategy\u2019s Bitcoin buy, Fidelity Investments\u2019 foray into the metaverse, Changpeng Zhao\u2019s response to haters and the collective woes of Bitcoin miners.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"MicroStrategy_adds_to_Bitcoin_stake_despite_steep_loss\"><\/span>MicroStrategy adds to Bitcoin stake despite steep loss<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Business intelligence firm MicroStrategy scooped up 2,395 BTC at an average price of $17,181 between Nov. 1 and Dec. 21. (I know the bottom was sub-$16,000 but this is pretty close for MicroStrategy). It subsequently sold 704 BTC at a loss to offset previous capital gains. A few days later, the company bought an additional 810 BTC, bringing its total holdings to 132,500 BTC. MicroStrategy\u2019s chief Bitcoin evangelist Michael Saylor has been adamant that his firm plans to convert its fiat holdings into BTC for the foreseeable future and will continue to hold the flagship digital asset indefinitely. The current value of MicroStrategy\u2019s Bitcoin is $2.2 billion versus an overall cost basis of over $4 billion, according to Bitcoin Treasuries. That\u2019s pretty brutal.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">MicroStrategy has increased its <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> Holdings by ~2,500 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&amp;ref_src=twsrc%5Etfw\">#BTC<\/a>. As of 12\/27\/22 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/MicroStrategy?ref_src=twsrc%5Etfw\">@MicroStrategy<\/a> holds ~132,500 bitcoin acquired for ~$4.03 billion at an average price of ~$30,397 per bitcoin. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24MSTR&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$MSTR<\/a><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/lcMeULcGQk\">https:\/\/t.co\/lcMeULcGQk<\/a><\/p>\n<p>\u2014 Michael Saylor\u26a1\ufe0f (@saylor) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/saylor\/status\/1608086703843180544?ref_src=twsrc%5Etfw\">December 28, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Public_Bitcoin_mining_companies_plagued_with_4B_of_collective_debt\"><\/span>Public Bitcoin mining companies plagued with $4B of collective debt<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Last week, we raised awareness about the impact of crypto contagion on Bitcoin miners. Mining companies are in a worse position than initially thought. Public miners have accumulated more than $4 billion in collective debt, which is hardly sustainable given the extent of the current bear market. Running debt to fuel business operations and expand capacity sounded like a good idea during the 2021 bull market. Now, these debt levels are a major risk. Case in point: Core Scientific, the biggest debtor among miners, recently filed for Chapter 11 bankruptcy. Check out how much money the other big mining firms owe. <\/p>\n<h3><span class=\"ez-toc-section\" id=\"CZ_addresses_reasons_behind_Binances_recent_FUD\"><\/span>CZ addresses reasons behind Binance\u2019s recent FUD<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Crypto exchange Binance has been in the news for all the wrong reasons. Its opaque management structure, shady proof-of-reserves report and allegations of \u201cfraudulent concealment\u201d in France have contributed to a coordinated FUD campaign against the company. (Or is the FUD in response to underlying issues at Binance?) Changpeng Zhao, also known as CZ, issued a <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/watch-movies-tv-seriess\/\" data-internallinksmanager029f6b8e52c=\"8\" title=\"Watch Movies &amp; TV Series\" target=\"_blank\" rel=\"noopener\">series<\/a> of tweets explaining why people are spreading fear, uncertainty and doubt about his exchange. In CZ\u2019s view, the FUD was spread by external factors, including paid shills meant to make his exchange look bad. I\u2019m not sure I buy it, but you can read his reasoning below. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">3\/ Some industry players view <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/binance?ref_src=twsrc%5Etfw\">@Binance<\/a> as competition. We have seen some go to extraordinary lengths to lobby against us, or loaning sums of money to small <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a> that\u2019s worth many times the media outlet&#8217;s market value, including buying their CEOs houses, etc.<\/p>\n<p>\u2014 CZ  Binance (@cz_binance) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/cz_binance\/status\/1606435382635241472?ref_src=twsrc%5Etfw\">December 23, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Fidelity_plans_NFT_marketplace_and_financial_services_in_the_metaverse\"><\/span>Fidelity plans NFT marketplace and financial services in the metaverse<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>While crypto investment activity may be nonexistent among big institutions, one major player is expanding its exposure to the sector. Fidelity Investments, which has long been bullish on Bitcoin and digital assets, recently filed trademark <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>lications for several Web3 and nonfungible token products in the metaverse. Fidelity said it\u2019s exploring a range of investment services within virtual worlds, including retirement funds, mutual funds and financial planning services. <\/p>\n<h3><span class=\"ez-toc-section\" id=\"Before_you_go_What_does_2023_have_in_store_for_crypto\"><\/span>Before you go: What does 2023 have in store for crypto? <span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>By most measures, 2022 was an awful year for crypto. 2023 can\u2019t get any worse\u2026 or can it? On this week\u2019s <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=OK3pWht3_qo\"><strong>Market Report<\/strong><\/a>, I sat down with fellow analysts Marcel Pechman and Joe Hall to discuss the year ahead in Bitcoin and digital assets. While I remain optimistic about Bitcoin\u2019s future, 2023 could see a return to basics following the parade of failures and bankruptcies of the past year. You can watch the full replay below.<\/p>\n<p><iframe loading=\"lazy\" title=\"What to expect from the crypto market in 2023\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/OK3pWht3_qo?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<p><em>Crypto Biz is your weekly pulse of the business behind blockchain and crypto delivered directly to your inbox every Thursday.<\/em><\/p>\n<p><template data-name=\"subscription_form\" data-type=\"crypto_biz\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/crypto-biz-did-michael-saylor-buy-the-bitcoin-bottom-for-once\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Crypto Biz: Did Michael Saylor buy the Bitcoin bottom for once? &#8220; Business intelligence firm MicroStrategy is showing no signs of backing down on its Bitcoin gambit. Right around the time that Sam Bankman-Fried was being exposed as a fraud, MicroStrategy was scooping up more Bitcoin (BTC) \u2014 this time, the firm bought as&#8230;<\/p>\n","protected":false},"author":1,"featured_media":532768,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2022-12\/dd62916f-ee7d-44cf-bab8-0a2db7ddc0df.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75014,74989,77672,122847,117],"class_list":["post-532767","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-binance","tag-bitcoin-mining","tag-changpeng-zhao","tag-microstrategy","tag-business"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/532767","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=532767"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/532767\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/532768"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=532767"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=532767"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=532767"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}