The MicroStrategy stock drops with Bitcoin on Tuesday, 22 June. The company, lead by CEO Michael Saylor just purchased nearly a half a billion dollars in Bitcoin on Monday. However, since MicroStrategy’s portfolio is so heavy in Bitcoin, MicroStrategy’s stock price dropped 16% in light of the recent Bitcoin dip.
The MicroStrategy price fell heavily this week and is currently down more than 100% from its all-time high of above $1,300 from last month when Bitcoin has reached its peak during that stage of the bull run.
MSTR stock is a unique case this week, at a time where the NASDAQ just reached another all-time high. It is clear that the MicroStrategy stock is now fully depending on the Bitcoin price movements.
Michael Saylor has not commented on the current price of MSTR. Some find it amusing how exposed Saylor is to Bitcoin as for example Dougalas Boneparth mentions in his tweet:
Michael Saylor has significantly contributed to the crypto community since he entered the market back in October 2020. Saylor and his Bitcoin Mining Council initiative have been a ray of good news in the blockchain and crypto space while the past two months have mostly been dominated from negative press.
Saylor has also been celebrating the Wall Street adoption of Bitcoin.
It appears that nothing can shake the beliefs that Michael Saylor has in Bitcoin. When the news ton Bitcoin turned bearish, Saylor doubled down. When everyone was selling, his company MicroStrategy took on more dept to increase its position by 20% to a total. of 105,000 Bitcoins.
MicroStrategy stock likely to continue to move with Bitcoin price
Bitcoin’s market cap is now nearly half of what it was in it’s peak in April. Currently the general sentiment of the crypto market is very bearish. Still, Michael Saylor and MicroStrategy are not at all concerned about the dip. Michael Saylor is a huge Bitcoin supporter and keeps. on doubling down, however, one has to ask: Is it possible that he is so far in, that he cannot go back? Clear is that he is taking a huge risk with MicroStrategy. Only time will tell whether it will pay off. Until then we will likely see the MicroStrategy price follow the movements of Bitcoin.
If you enjoyed this article you might also want to check out Michael Saylor Expands MicroStrategy’s Bitcoin Position Once Again
Aaron is passionate about blockchain and has been an investor in cryptocurrencies for the past years. He enjoys engaging with other people in the cryptocurrency community online, particularly on Telegram, and learning from experts.
