MicroStrategy CEO Michael Saylor explained in detail the purchase of 21,454 Bitcoin (BTC). MicroStrategy CEO Saylor claimed that an enormous 78,388 off-chain transaction was required to acquire 21,454 BTC (equivalent to $ 250 million at the time). After the acquisition, MicroStrategy, one of the largest companies in the world, secured its cryptocurrency assets with 18 on-chain transactions required to place it in cold storage.
A Confidential Purchase
In a podcast with Morgan Creek Digital’s co-founder Anthony Pompliano, Saylor stated that he could not explain the purchasing process “down to the finest detail” due to security issues. Still, he shared some information on what other company owners would do at their location if they wanted to buy too much Bitcoin:
“If you were in my position… you would go and meet with a group of corporate-level stock exchanges. You will work on it and seek institutional level parents. Yes, all security issues, all tech issues, etc. you will see what you know. You will think about the team you will prepare. ”
This acquisition required the tendency to make thousands of small transactions “analyzed minute by minute” over “many” days. With a somewhat proud tone, Saylor also stated that they have never moved the market because they have the “right team”.
Bitcoin’s Consuming Resource
As previously reported, MicroStrategy made waves in August by adopting Bitcoin as a reserve asset to protect itself from inflation:
“We became terribly aware that we were sitting on a melting $ 500 million ice cube.”
After acquiring an additional 16,796 additional BTC on September 14, the firm now owns 0.18 percent of BTC’s total supply, which is fixed at 21 million coins. It is predicted that 376 companies will be able to duplicate MicroStrategy’s move as the world’s largest cryptocurrency is increasingly scarce.