Bitcoin

<h2 id="header-0">Today&#39;s headlines</h2><a href="https://coinmarketcap.com/newsletter" rel="noopener noreferrer nofollow">But first — subscribe to our newsletter.</a><h2 id="header-1">Editor&#39;s Note: Saylor&#39;s on a Bitcoin Buying Spree</h2>Molly Jane Zuckerman writes...Actually, it&#39;s more correct to say that MicroStrategy is continuing their Bitcoin buying spree, as Michael Saylor stepped down as CEO to take on a more advisory role a few weeks ago.But even without Saylor at the company&#39;s helm, his position as executive chairman now means that the company is still gobbling up as much Bitcoin as it can, bear market or not.In one way, buying up a lot of Bitcoin at consistent intervals is following a tried and true trading strategy: dollar cost averaging. The idea is that if you buy a set amount of an asset at set intervals, you end up avoiding losing out to the daily ups and downs and can end up in the green overall over a longer period of time. <a href="https://coinmarketcap.com/alexandria/article/what-is-dollar-cost-averaging" rel="noopener noreferrer nofollow">Dollar cost averaging</a> is not normally, however, done by buying 301 Bitcoins every few months.So is MicroStrategy up or down? Is their DCA strategy (if that&#39;s what it is) working?Right now, no. Since MicroStrategy started buying up BTC, their entry price for each coin has been at around $30,639 — meaning that Saylor has a paper loss of over a billion dollars.When asked about this potential loss on his BTC investment back in May of this year, Saylor told CMC&#39;s virtual conference that it&#39;s a moot point and &#34;foolish&#34; to worry about any market downturn in the short-term.Saylor told our conference: &#34;If you&#39;d asked the same question to Jeff Bezos in 2003 and said, you just had an 80% loss in Amazon, do you ever wish you sold Amazon in the year 2001? You know, Jeff Bezos could have sold Amazon in the year 2000 and avoided a 95% loss.&#34;Let&#39;s see if I got this right: Jeff Bezos &#61; Michael Saylor and Amazon &#61; Bitcoin?Anyways, we can probably expect another announcement, and then another, from MicroStrategy in the coming years as they keep buying more and more Bitcoin. What else can you expect from a company whose founder has this two-year old tweet pinned to his profile?<blockquote>&#34;#Bitcoin is a swarm of cyber hornets serving the goddess of wisdom, feeding on the fire of truth, exponentially growing ever smarter, faster, and stronger behind a wall of encrypted energy.&#34;</blockquote><img src="https://academy-public.coinmarketcap.com/optimized-uploads/f60b6b1d451d46ad894f589540540587.jpg" /><h3 id="strong-a-href-https-coinmarketcap-com-alexandria-article-microstrategy-buys-301-btc-for-6m-already-down-300-000-rel-noopener-noreferrer-nofollow-microstrategy-buys-more-btc-a-x1f4b0-strong"><a href="https://coinmarketcap.com/alexandria/article/microstrategy-buys-301-btc-for-6m-already-down-300-000" rel="noopener noreferrer nofollow">MicroStrategy buys more BTC</a> &#x1f4b0;</h3>Do we still call this buying the dip? MicroStrategy has revealed that it&#39;s snapped up another 301 BTC for $6 million. This latest investment is already underwater by $300,000 considering it spent an average of $19,851 per coin. The company is continuing to bet big on Bitcoin — even after Michael Saylor took a step back as CEO to become executive chairman. It has spent $3.97 billion on amassing 130,000 BTC, but at the time of writing, this war chest is worth just $2.45 billion. Earlier this month, the company revealed that it was planning to sell up to $500 million in Class A shares, and part of the proceeds could be used to snap up more crypto. MicroStrategy&#39;s stock price closed down 4.6% on Tuesday.Want to read the rest? Check out the <a href="https://coinmarketcap.com/alexandria/article/coinmarketcap-news-sept-21-is-microstrategy-up-or-down-on-its-bitcoin-bet-and-does-it-matter" rel="noopener noreferrer nofollow">full roundup here!</a>

CoinMarketCap News, Sept 21: Is MicroStrategy Up or Down on Its Bitcoin Bet... and Does It Matter?

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