In a recent tweet, Michael Saylor-led Bitcoin treasury company Strategy said it had discovered something better than Bitcoin: more Bitcoin. Strategy wrote in a tweet: "We discovered something better than bitcoin… More bitcoin."
Crypto has been under pressure for more than a month, when a shock liquidation event in October wiped out billions of dollars in leveraged positions and led to a downturn in prices.
We discovered something better than bitcoin…
More bitcoin.
Bitcoin is on track for its worst monthly performance since 2022. Bitcoin has now shed about a quarter of its value in November, the most for a single month since June 2022, according to Bloomberg.
Investors in Bitcoin exchange traded funds recently found themselves sitting on collective losses after Bitcoin fell below $89,600.The slew of digital-asset treasury companies inspired by Michael Saylor’s Strategy have also seen outflows.
More Bitcoin?
Reversals of fortune are nothing new for Bitcoin diehards, seeing euphoric rallies and then brutal sell-offs, which happen every few years, or whenever sentiment shifts. At press time, Bitcoin was trading at $87,087, having reached a low of $80,524 on Nov. 21.
The recent Bitcoin sell-off pushed firms like Strategy closer to the value of their Bitcoin reserves.
Amid the seeming concerns, Strategy assures readers that it remains well fortified to cushion the impact of Bitcoin's price drop, saying it has 5.9x assets to convertible debt if Bitcoin ever reaches its cost basis.
"If BTC drops to our $74K average cost basis, we still have 5.9x assets to convertible debt, which we refer to as the BTC Rating of our debt. At $25K BTC, it would be 2.0x," Strategy said in a recent tweet.
Strategy revealed that it bought more Bitcoin during the 2022" crypto winter," when Bitcoin fell nearly 50% below its cost basis. "In the depths of the 2022 crypto winter, our average cost basis was $30K while $BTC traded nearly 50% below it at $16K. What did we do? We bought more," it said.
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