Michael Saylor’s aggressive Bitcoin purchases caught the attention of Binance CEO Changpeng Zhao.
“Don’t Sell Your Bitcoins.”
Changpeng Zhao, CEO of the world’s largest cryptocurrency exchange, drew users’ attention to Microstrategy’s method of buying BTC cheaply. With his comments, Zhao suggested that Saylor took advantage of investors’ panic in his buy-bottom strategy and warned investors. Zhao “Don’t sell your Bitcoin cheap to Saylor. Panic always buys when you sell.” used the phrases. The alert has received 25,000 likes and more than 3,000 retweets since it was posted.
Don’t sell your #Bitcoin on the cheap to @saylor.
He is always buying when you panic sell. 👍
— CZ 🔶 Binance (@cz_binance) December 9, 2021
Michael Saylor replied to Zhao’s warnings, “Every Bitcoin deserves a good home.”
The witty exchanges between the two CEOs stem from MicroStrategy’s recent Bitcoin purchases. The software company has accumulated more than 9,000 BTC in the last quarter and currently holds 122,473 BTC. During the recent drop in prices, Michael Saylor noted that the company purchased 1,434 Bitcoins for $82.4 million at an average price of $57,477.
Bitcoin investors panicked over macroeconomic trends like the Omicron variant of Covid-19. After hitting an all-time high of around $69,000 last month, the price tumbled by about 30% to the lows of $50,604.
Finally, we can say that Microstrategy bought 122,478 Bitcoin for $3.66 billion at an average price of $29,861. With a BTC price of around $48k, MicroStrategy’s Bitcoin assets are worth over $5 billion.