Thriller Insights - S4EP4: Bitcoin Retractions

  
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This week, MicroStrategy chose to invest $250 million in Bitcoin. 

coming from CoinDesk

Publicly traded business intelligence firm MicroStrategy purchased 21,454 bitcoin on Tuesday, effectively pouring all $250 million of its planned inflation-hedging funds into the digital currency.

Earlier this week, American software company MicroStrategy announced it was investing $250 million in Bitcoin to protect against inflation fears and a grim economic outlook. It was a major endorsement in the cryptocurrency space.

But it wasn’t always destined to be this way. Back in 2013, MicroStrategy’s CEO Michael Saylor, who led the announcement, predicted the death of Bitcoin.

“Bitcoin days are numbered. It seems like just a matter of time before it suffers the same fate as online gambling,” Saylor tweeted.

For context, the pioneer digital asset was trading at $1,200 in November 2013, it’s first ever four-figure valuation and the first of its many upward runs. 

Saylor did not make any public comments since, until earlier this week when his firm decided to fully back Bitcoin.

“This investment reflects our belief that Bitcoin, as the world’s most widely-adopted cryptocurrency, is a dependable store of value and an attractive investment asset with more long-term appreciation potential than holding cash,” said Saylor on August 11.

He’s not alone in the 180-degree-turn. This year, Mathew McDermott, the head of digital assets at US bank Goldman Sachs, said the bank is entertaining client requests for cryptocurrency transactions after a “resurgence of interest.” This is the same bank that flat out dismissed Bitcoin as an asset class in May 2020 during an investor call.

Dave Portnoy pumps Bitcoin

coming from Decrypt

The “Baron of Bitcoin,” Dave Portnoy of Barstool Sports, claimed on Twitter yesterday that he had bought at least $1 million worth of Bitcoin

Barstool Sports head Dave Portnoy has been streaming and tweeting about Bitcoin. He invited the Winklevoss twins to show him how to use it… albeit in rowing outfits. They’ve accepted. Portnoy now says he wants to buy Bitcoins.

“I’m 7 figures deep now in this stuff,” he tweeted. This was after posting a video in which Cameron and Tyler Winklevoss personally visited Portnoy at his summer place in Nantucket and schooled “El Presidente” on some of the vagaries of Bitcoin. Portnoy, who had been a skeptic, seemed to become a believer, though he admitted he still didn’t understand a word of what the Winklevii were saying.

The video was pre-recorded and we don't really know at what price he actually bought his million bucks worth of Bitcoin (or if even bought it at all.) After he posted the video yesterday evening, Bitcoin’s price jumped from $11,529 to a peak of $12,045—an increase of 4.45%,


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