As bitcoin continues to test $30,000, is a tweet from one of the asset’s biggest bulls enough to soothe investor anxiety?
FULL VIDEO TRANSCRIPT BELOW:
Bitcoin broke below $30,000 this week, forcing Bitcoin's biggest bull to comment and reassess his strategy.
It’s your boy Ross Mac and this is what cryptocurrency investors are watching on Wednesday, May 11.
MicroStrategy CEO Michael Saylor has been incredibly vocal about bitcoin, and put his money where his mouth is. His company holds just over 100,000 bitcoins according to its latest earnings report, and with the dip that just keeps dipping in both the equity market and the crypto market, investors obviously have some concerns.
However, Saylor says that if bitcoin were to tank and dip below $3,500, then his company would be able to post another form of collateral on its bitcoin backed loan that it announced in March. The loan comes from Silvergate Bank and was taken out by MicroStrategy's subsidiary MacroStrategy. The purpose was to help the company continue to pursue its acquisition strategy.
But, before you worry about the margin call, the company's CFO Phong Lee said on the earnings call in May that bitcoin would have to dip below $21,000 before they'd be forced to sell.
It’s your boy Ross Mac and that was the Crypto Minute on TheStreet.
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