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Joe Weisenthal, who co-hosts Bloomberg’s “Odd Lots” show, recently used social networks to mock MicroStrategy’s profits from Bitcoin.
MicroStrategy’s Bitcoin reserves are now close to 500,000 tokens after the company recently invested $15 million to acquire more Bitcoin. Their average acquisition cost has increased to $62,000.
Some members of the Bitcoin community were angered by the remark. Some noted that the company’s share value has increased by nearly 2200% since former CEO Michael Saylor implemented the innovative Bitcoin strategy.
Angel investor Jason Calacanis, famous for his strong criticism of MicroStrategy, thinks that if MicroStrategy continues to acquire Bitcoin, the company’s average cost will eventually equal the current cost. Ripple Achieves Legal Victory, Prospects for XRP ETF Approval Rise Significantly
Weisenthal mentioned: “Can you imagine investing in Bitcoin for many years and only increasing by about 30%?”
Earlier today, the company announced intentions to finance additional Bitcoin acquisitions by issuing 4 million shares of continuous preferred stock.
