MicroStrategy once again buys the dip as BTC is back above $20K

Michael Saylor, the CEO of MicroStrategy, an American company that provides business intelligence, mobile software, and cloud-based services, revealed via a Twitter post that his firm had once again bought the dip with 480 BTC at an average price of $20,817 per bitcoin (BTC) as the market remains bearish.

MicroStrategy saves the day?

MicroStrategy has purchased another 480 BTC and it seems that the crypto community is divided on the same. Peter Schiff, one of the biggest advocates of gold and a huge critic of Bitcoin commented on Saylor’s post questioning his purchase.

MicroStrategy has purchased an additional 480 bitcoins for ~$10.0 million at an average price of ~$20,817 per #bitcoin. As of 6/28/22 @MicroStrategy holds ~129,699 bitcoins acquired for ~$3.98 billion at an average price of ~$30,664 per bitcoin. $MSTRhttps://t.co/leQYTXn817

— Michael Saylor⚡️ (@saylor) June 29, 2022

“Increasing your stake by less than .004% seems more like an attempt to influence the market by demonstrating your conviction to other investors. But if you’re so sure Bitcoin is cheap, why not buy $100 million? You must think there’s still a lot of downside left in this move,” pointed out Schiff.

The Chief Economist & Global Strategist at EuroPac also stated that MicroStrategy has lost over $1.4 billion on its BTC investment and believes that the firm could’ve purchased BTC at a lower price.

So $MSTR is down $1.4 billion on #Bitcoin, yet you continue to average down, throwing not so good money after incredibly bad. I's sure that but for your buying Bitcoin's price would be lower. But now that you're done the decline can resume until you waste more money buying again.

— Peter Schiff (@PeterSchiff) June 29, 2022

“As of June 28, 2022, MicroStrategy, together with its subsidiaries, held an aggregate of approximately 129,699 bitcoins, which were acquired at an aggregate purchase price of approximately $3.98 billion and an average purchase price of approximately $30,664 per bitcoin, inclusive of fees and expenses,” said the software firm in its 8K filing.

Bitcoin back above $20K

In the last 24 hours, Bitcoin slipped below $20K a number of times and when the news that MicroStrategy purchased BTC went far and wide, the price action for BTC was once again above $20K. The daily low for the world’s biggest cryptocurrency lies at $19,951, as per data from CoinMarketCap.