CZ Predicts That MicroStrategy CEO Michael Saylor Will Have The Last Laugh

Binance CEO Changpeng Zhao has thrown his support behind MicroStrategy CEO Michael Saylor, tweeting that the latter will end up getting the last laugh.

As reported by CoinCu, MicroStrategy made an announcement about buying an additional $10 million worth of Bitcoin earlier today.

Given that the business intelligence organization is now resting on significant losses exceeding $1 billion, the brave purchase was welcomed with mocking.

The price to buy MicroStrategy right now is $30,664

In the interim, the Bitstamp exchange is now trading one bitcoin for $20,066

The Virginia-based corporation is in possession of 129,698 coins, which are currently valued at $2.6 billion.

MicroStrategy obtained a loan from Silvergate in March to pay for its Bitcoin acquisitions. Saylor allayed concerns about a potential margin call, saying that investors didn’t need to be concerned about it. The affable businessman stated that before his company would be obliged to post more collateral, the price of Bitcoin would actually have to fall to as low as $3,500.

The decision by MicroStrategy to use Bitcoin as its main reserve currency was hailed as a huge success because it was made just before the beginning of another bull market. The company’s shares surged to $1,000, the highest level since early 2000. Its improbable comeback was timed with a sharp increase in the price of bitcoin.

But early this month, the stock fell to a low of $152, returning to its pre-Bitcoin levels.

But Saylor continues to be positive on the biggest cryptocurrency, and his most recent buy is only another example of this.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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