Michael Saylor Says To Buy More Bitcoin During the Dip As Investors Also Acquire Green Bitcoin Tokens
PR Manager20 Mar 20243 min read
The race to acquire more Bitcoins is heating up as renowned Bitcoin proponent Michael Saylor announces MicroStrategy has swept up an additional 9,245 million BTC.
Investors are also backing the new Green Bitcoin token, which has just passed $6.6 million in its ICO.
MicroStrategy Acquires BTC as Institutional Demand Soars
There is a growing appetite for Bitcoin among deep-pocketed businesses, with Michael Saylor’s MicroStrategy continuing to execute its long-term plan of growing its Bitcoin position.
He wrote on X, “MicroStrategy has acquired an additional 9,245 BTC for $623.0 million using proceeds from convertible notes and excess cash for $67,382 per bitcoin.”
Convertible notes are short-term debt instruments that can be converted into equity.
The MicroStrategy CEO announced on 18 March that it had completed its offering of 0.875% convertible senior notes due 2031.
This offering comes days after MicroStrategy completed a convertible notes offering worth $500 million.
MicroStrategy’s increasing debt to rack up bitcoins reflects an unwaveringly bullish stance, presenting an optimistic outlook for other market participants.
Michael Saylor’s announcement also highlighted that MicroStrategy now holds 214,246 BTC at an average price of $35,160 per bitcoin.
Yet other institutional heavyweights are also increasing their positions. Crypto commentator Marty Party highlighted that Blackrock’s Bitcoin holdings have surpassed MicroStrategy’s less than three months after launching its ETF.
Meanwhile, a new SEC filing shows that BlackRock has also just launched a $100 million fund on the Ethereum blockchain.
The fund aims to increase its digital asset exposure, confirming its interest in emerging blockchain technology.
At the same time, Bitcoin spot ETF growth is soaring, with Bloomberg senior ETF analyst Eric Balchunas noting that March is seeing the highest-ever ETF trading activity, eclipsing $60 billion in volume on 15 March.
With such institutional demand, Bitcoin’s recent all-time high is no surprise.
However, Google Trends data suggests that retail investors were sidelined, with the “Bitcoin” search term significantly lower than in 2021.
Meanwhile, altcoin search terms like “Solana” are at record highs. This illustrates shifting attention from Bitcoin to alternative assets, likely with retail investors feeling “priced out” of BTC and seeking higher potential alternatives.
One promising Bitcoin alternative is Green Bitcoin, a trending presale that recently surpassed $6.6 million and is backed to 10x.
Investors Back Predict-to-Earn Green Bitcoin as ICO Raises $6.6M
In addition to immense institutional interest, the upcoming Bitcoin halving event also sets a bullish precedent for Bitcoin and related cryptos in the coming months.
Green Bitcoin is a Bitcoin-inspired token on the Ethereum blockchain, offering a more eco-friendly and functional alternative.
Currently undergoing a presale, investors can buy the token for $1.1062. This will increase throughout the campaign, with the next uptick in four days.
Presale buyers can stake their tokens immediately. Staking offers an 89% APY, but this will fall as the staking pool grows.
Another benefit to staking is access to Green Bitcoin’s flagship feature: Predict-to-Earn. Through this gamified experience, users can guess whether Bitcoin’s price will rise or fall the next day in exchange for rewards and up to 100% bonuses.
Meanwhile, in a bid to appease the more eco-conscious market participants, Green Bitcoin’s launch on Ethereum swaps out Proof-of-Work for Proof-of-Stake, consuming vastly less energy.
According to its website, the energy consumption of one Bitcoin transaction is 173,000 Wh, compared to 34 Wh for a Green Bitcoin transaction.
This unique outlook on sustainability and utility has drawn immense excitement. For instance, in a recent YouTube video, Jacob Bury dubbed $GBTC as a “10x potential low-cap gem.”
