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One of the famous bitcoin evangelists Michael Saylor seems bullish on the top cryptocurrency again. It’s noteworthy that he recently stepped down from his designation of CEO at MicroStrategy. Yet he stays a firm believer in bitcoin to revive soon. This insight came from the latest tweet from Saylor who believes bitcoin will back again on the track of precise recovery despite the heavy market downturn.
On September 12th, 2022, Saylor went on Twitter and wrote “Only #Bitcoin.”
Earlier than this tweet, he posted somewhat similar thoughts, “#Bitcoin Any Given Sunday.”
Not just Michael Saylor himself, his company—MicroStrategy— also has not changed its bitcoin strategy even after his leaving the firm. According to a regulatory filing of the company, the company has plans to issue the stocks and sell them for up to 500 million USD.
Cowen & Co and BTIG LLC will still act as the firms providing the services of conducting the sale on behalf of MicroStrategy. The sales are going to take place in several different stages. No exact dates were revealed by the company regarding the sales though. Now comes the most astonishing part of this insight MicroStrategy has plans to allocate the money raised after the sales to further investment in bitcoin.
The company noted with the overall amount generated through the offering MicroStrategy intends to use to fulfill some corporate purposes. These general purposes also include purchasing bitcoin.
Following this, the management of the company would consider a broad judgment in their application of overall proceeds generated from their offering and no one else will get the chance to take part in the investment procedure while assessing if the overall proceeds are following a similar way of use as they were approved.
Additionally, the company also said to move ahead by reiterating its bet that bitcoin would remain undamaged considering the number of institutional investors that have kept an eye on it.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
