Wednesday, November 25, 2020
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NASDAQ Firm Makes U-Turn: Buys 17k BTC After Denouncing It

BTC’s recent bullish run is swaying the haters into believers as a once anti-BTC billionaire CEO surprisingly acquires 17,000 BTC in an overnight U-turn!

We have all seen our fair share of reports covering millionaire and billionaire investors snapping up large quantities of cryptos, but the most recent BTC scoop by MicroStrategy (MSTR), a public company floated on the NASDAQ, is no ordinary story because it is not the size of the acquisition that is the main headline here!

The CEO of MicroStrategy and author of The Mobile Wave is Michael Saylor – someone that was once openly opposed to the entire concept of cryptocurrencies. Of course, his criticism of BTC on his Twitter account a few years back was big news and rightly so because being an owner of a multi-billion company and making such bold claims tends to initiate headline news in the world of finance!

It seems MicroStrategy’s CEO has switched sides becoming a firm believer of BTC, or at least we can safely assume this is the case because the billion-dollar NASDAQ floated company just snapped up $425 million worth of BTC!

Its most recent acquisition of BTC saw the CEO approve the purchase of 17,000 BTC which cost a total of $175 million adding to its already hefty stash of the world’s most coveted crypto.

The Question Is – Why Now?

No one knows for sure why CEO Michael Saylor decided now is the time to get involved in BTC. His current bullish attitude towards the crypto could not be further away from his previous comments after he denounced cryptocurrencies just over half a decade ago claiming:

The days of BTC are numbered, and it will eventually suffer the same fate as online gambling

His comparison was referring to a major shut down of online casinos, poker rooms, and sports betting sites in a US operation led by feral task forces on a day marked in online gambling history as ‘Black Friday’.

On 15 April 2011 online gambling in the US all but ceased to exist. A multi-billion-dollar industry was quite literally wiped out overnight thanks to new US federal level financial laws that effectively criminalized online gambling, or at least outlawed gambling-related financial transactions.

Although this was a US operation, the Black Friday shutdown had a ripple effect across the globe. It impacted casino players in all continents many of whom were left wondering what was happening to their online gambling site which inevitably held their fiat cash balances.

Now take note because crypto is not mentioned just yet because Black Friday occurred before crypto hit the online casino scene!

Well, it is fair to say that Michael Saylor was sorely mistaken. Not only has the online casino scene revived itself across the globe, but it is also thriving with the addition, not the absence, of cryptocurrencies. There are now 1,000s of cryptocurrency casinos accepting players from all over the world – you can find a list of cryptocurrency casinos at Playcasino here.

Resilience, Stubbornness, and Demand Perhaps Changed Michael Saylor’s Mind!

When people so desperately want a service, others will oblige by creating platforms to satisfy demand. Invariably those that support the idea will come flocking, and this is exactly why the online casino industry was so easy to revive and the same reason cryptocurrencies remain stubborn.

For cryptos, a Black Friday never came and for online casinos, demand revived the industry. Michael Saylor assumably saw the character of both and decided that neither will go away and as both are in demand with BTC heavily used within online casinos as well as across numerous other industries, it was time to bite the bullet and invest.

Saylor admitted he forgot he ever tweeted his online casino Vs cryptocurrency comparison in a podcast interview with Morgan Creek. He said that when people brought it up, he had to admit that he was wrong when he made those comments, and he has gone one further by saying Bitcoin is a better investment than gold – referring to the fact that BTC outperforms gold at this time.

Today, the demand for crypto is higher than ever. It survived a ‘Nuclear Winter’ and came out on the other side with a bullish outlook. As an investor denying or ignoring cryptocurrencies is no longer an option as US federal courts rule BTC is a form of money and US financial laws increasingly regulate cryptocurrencies with the most recent news being that US banks can now offer crypto custodial services to customers.

About the Author: Jack Bannon is a Market Researcher at Affmodo Ltd
Image by Clker-Free-Vector-Images from Pixabay

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