Journalist
Posted:
While most of the crypto world was looking for a way out from the market crash, Michael Saylor chose to go even deeper.
Strategy (formerly MicroStrategy) just set a record by completing its 100th Bitcoin [BTC] purchase. The company purchased 592 BTC on February 22 for approximately $39.8 million.
That pushed the total holdings to a massive 717,722 BTC.
At first glance that sounds historic. But the atmosphere surrounding this milestone feels different. Strategy has spent approximately $54.56 billion building its Bitcoin position. With an average purchase price of $76,020 per coin.
This has resulted in the company now posting nearly $7 billion in unrealized losses. Therefore, instead of celebrating, many investors began to criticize Saylor’s accumulation.
Reactions from the community lead to intrigue
One of the loudest voices came from longtime Bitcoin skeptic Peter Schiff. After the announcementSchiff argued,
“Congratulations, you’ve finally lowered your average. But in case you haven’t noticed, you’re already down more than 5% from your last purchase. So if you keep lowering the average, your total losses will increase.”
Echoing similar sentiments, another user added,
“There is an obvious irony in Strategy’s accumulation: almost every time they announce a new purchase, the price moves against them. While they claim to be long-term visionaries, their short-term entries often leave much to be desired from a timing perspective.”
Interestingly enough, the buildup of Syalor’s recent tease followed ‘Orange Century’. Unexpectedly, what used to sound confident and hopeful now feels tired and frustrated.
To supplement the fuel, recently an investor posted his personal journey with MSTR investments, which are down 68.28% in the past year.
He added:
“Granted, it’s not a large amount, but so far it’s at the low point of my entire portfolio. Maybe one day that will change, but as of today I understand why some are calling for #Bitcoin in the fridge.”
Market Bleeding: Should You Be Worried?
This coincided with Bitcoin slide 3.79% in 24 hours to trade at $63,234.71. Meanwhile, Strategy’s stock, MSTR, was at par more difficultand fell 5.60% to a price of $123.71.
But Saylor isn’t the only giant currently underwater. On February 23, Tom Lee’s Bitmine (BMNR) mirrored the strategy, acquiring another 51,162 Ethereum [ETH] ($98.33 million).
Source: Lookonchain/X
Bitmine is now sitting on a mountain of 4.42 million ETH, but with an average cost of $3,821, that position is currently drowning in $8.4 billion in unrealized losses.
Like MSTR, Bitmine Stock is Feeling the Burn, traps by 4.52% to $19.22 as Ethereum itself slipped 2.59% to $1,828.64 in the past day.
Ergo, the question now is not about buying more Bitcoin, but about who can endure the pain longer.
Final summary
- Buying more Bitcoin no longer stimulates the market as it once did.
- Social sentiment reflects fatigue rather than optimism.