MicroStrategy’s Michael Saylor Signals Elon Musk to Purchase More Bitcoin ⋆ ZyCrypto

Michael Saylor does not relent in his promotion of Bitcoin. The 57-year-old co-founder of business intelligence firm MicroStrategy remains one of the most prominent Bitcoin maximalists. Recently, Saylor advised billionaire Elon Musk to purchase more BTC as the latter [jokingly] hinted at buying a football club.

Taking to Twitter, Founder and CEO of electric motor vehicle Elon Musk hinted at purchasing English Football Club Manchester United. “Also, I’m buying Manchester United ur welcome,” he said. The tweet caught the attention of a lot of fans and mainstream media. This is largely due to the fact that fans of the club are not satisfied with the decisions of current owners.

When asked if he was serious, Musk noted that it was a joke and had no intention of buying a sports team. Nonetheless, he said that it would be Manchester United if he wanted to purchase a football club. This has not stopped people from making remarks on the comment, Michael Saylor being one of such.

“We would prefer that you buy some more Bitcoin,” Saylor said in reply to Musk. Saylor’s comment comes barely two months after his business intelligence firm revealed it had purchased more BTC. Michael Saylor has made it a habit to endorse BTC every chance he gets, especially on Twitter. 

Tesla dumped 75% of its BTC holdings 

On the other hand, Musk is not so much of a Bitcoin maximalist. While the American billionaire has not mainly expressed antagonism towards BTC, his focus in the past has been on Dogecoin. Nonetheless, Musk’s electric vehicle company, Tesla, had shown a massive interest in BTC.

In February of last year, Tesla revealed that it had added $1.5B worth of BTC to its balance sheets. The firm further noted that it plans to start accepting Bitcoin as a payment method. Tesla went on to dump 75% of its BTC holdings systematically, as it revealed in its Q2 2022 earnings statement.

Musk noted that the selloff was not due to BTC’s price performance but was an aim to improve its cash flow situation. In contrast, Saylor’s MicroStrategy purchased more BTC during the Crypto Winter. 

Two months back, MicroStrategy revealed that it had bought 480 more BTCs from May 3 to June 28. The firm now holds 129,699 BTCs valued at $3B against the prevailing rate. This makes MicroStrategy the most significant institutional holder of the asset.