Michael Saylor to buy Bitcoin with Bitcoin-based loan
A subsidiary of Bitcoin Bullish firm Microstrategy decided to buy Bitcoin through a collateral loan.
Microstrategy is a business intelligence firm, which is popular in the crypto industry for its initiative to preserve the company’s fund in Bitcoin. Right now Microstrategy is holding more than 1,25,000 Bitcoins and also planned already that the company will never sell its Bitcoin holdings.
On 29 March, Micheal Saylor, chief executive officer of Microstrategy, notified his followers on Twitter that MacroStrategy, a subsidiary of Microstrategy firm, secured a $205 million Bitcoin collateralized loan and now the company will buy Bitcoin with this loan amount.
MacroStrategy, a subsidiary of @MicroStrategy, has closed a $205 million bitcoin-collateralized loan with Silvergate Bank to purchase #bitcoin. $MSTR $SIhttps://t.co/QYw2ZgeE3U
— Michael Saylor(@saylor) March 29, 2022
This bitcoin collateralized loan was issued by Silvergate Bank, so in this way, Microstrategy will add more bitcoins to its subsidiary company’s balance sheet.
On this initiative, Micheal said that it will increase the effort of the company to add more bitcoin to the company’s balance sheet.
“The SEN Leverage loan allows us to further our position as the leading public company investor in bitcoin.”
Right now Microstrategy is holding exactly 125,051 Bitcoins, which has higher amounts of Bitcoin than Tesla, a square-like company.
Micheal remains always Bullish on Bitcoin and he never misses any chance to praise Bitcoin significance. A few days ago, Michael proposed an idea to use the $20 worth of Bitcoin payment system to reserve funds for every Twitter user to give an orange tick.
Through the proposed idea, Micheal said that it will lower the spam and misleading messages from bots accounts.
Twitter can solve the problem of scammers & spambots if they allow real humans to post ~50,000 sats ($20) via Lightning
— Michael Saylor
A few months ago, Michael did a meeting with Block CEO Jack Dorsey to bring ideas and methods to push the adoption of Bitcoin among big companies.
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