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Did Michael Thaler Buy Bitcoin Bottom Once?

Delbert Williams IIBy No Comments4 Mins Read

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Business intelligence firm MicroStrategy shows no signs of backing down on its Bitcoin ploy. MicroStrategy was scooping up more Bitcoin (BTC) just as Sam Bankman-Fried was exposed as a fraud. Bitcoin can always go down, but it’s refreshing to see MicroStrategy buy around $17,000. Interestingly, MicroStrategy also sold some of his BTC earlier this month, but not for the reasons you might think (more on that below).

Our final Crypto Biz newsletter for 2022 covers MicroStrategy’s Bitcoin purchase, Fidelity Investments’ foray into the metaverse, Changpeng Zhao’s response to haters, and the collective woes of Bitcoin miners.

MicroStrategy Adds Bitcoin Stake Despite Heavy Losses

Business intelligence company MicroStrategy has grabbed 2,395 BTC at an average price of $17,181 between November 1st and December 21st (I know the bottom was under $16,000, but this is a pretty big deal for MicroStrategy). close value). He then sold 704 BTC at a loss to offset previous capital gains. A few days later, the company bought another 810 BTC, bringing its total holdings to 132,500 BTC. MicroStrategy Chief Bitcoin Evangelist Michael Thaler is adamant that his company plans to convert fiat to BTC in the near future and will continue to hold its flagship digital asset indefinitely. According to Bitcoin Treasuries, MicroStrategy’s Bitcoin is currently valued at $2.2 billion, while the overall cost base is over $4 billion. It’s pretty brutal.

Public Bitcoin Mining Company Is Plagued With $4 Billion Collective Debt

Last week, we raised awareness about the impact of the cryptocurrency epidemic on Bitcoin miners. Mining companies are in a worse position than originally thought. The public miner has amassed more than $4 billion of his collective debt, which is not sustainable given the extent of the current bear market. In the 2021 bull market, it seemed like a good idea to manage debt to boost business operations and expand production capacity. These debt levels are now a major risk. Case in point: Core Scientific, the largest debtor among miners, recently filed for Chapter 11 bankruptcy. Find out how much money other major mining companies owe.

CZ Addresses Reasons Behind Binance’s Recent FUD

Crypto exchange Binance is in the news for all the wrong reasons. Its opaque management structure, dubious evidence reports, and allegations of “fraudulent cover-up” in France contribute to his systematic FUD campaign against the company. (Or is the FUD a response to his Binance underlying issues?) Changpeng Zhao, also known as CZ, issued a series of tweets, in which people expressed fear, uncertainty and doubt about his exchange. explain why they are promoting In CZ’s view, FUD was spread by external factors such as paid shillings intended to make his exchange look bad. can be read below.

Fidelity plans NFT marketplace and financial services on Metaverse

Crypto investment activity may be non-existent among large institutions, but some major players are increasing their exposure to the sector. Long bullish on Bitcoin and digital assets, Fidelity Investments recently filed trademarks for several Web3 and non-fungible token products in the Metaverse. Fidelity said it is looking at various investment services in the virtual world, including retirement funds, mutual funds and financial planning services.

Before You Go: What’s in store for cryptocurrencies in 2023?

In most respects, 2022 was the worst year for cryptocurrencies. 2023 Can’t Get Any Worse…Or Is It Possible? market report, joined fellow analysts Marcel Peckmann and Joe Hall to discuss the future of Bitcoin and digital assets. may return to basics following a string of failures and bankruptcies over the past year. You can watch the full replay below.

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