Monday, January 30, 2023

Crypto Giant Michael Saylor Advices Elon Musk to Buy More Bitcoin!

Michael Saylor, one of the big investors in bitcoin, has a specific piece of advice for Tesla and SpaceX CEOs. Actually, Elon Musk had surprised people through one of his tweets that he was going to buy Manchester United football team. The matter is still embroiled between Twitter and Elon Musk over the deal to buy Twitter. In another tweet about the purchase, Musk surprised everyone that he is now going to buy the Manchester United football team.

When fans started reacting to this after Elon Musk’s tweet that he bought the football team, Musk said that he was joking. His tweet also got a response from Michael Saylor, who recently said that he will no longer serve as the CEO of MicroStrategy. When asked to buy Manchester United football team, Michael advised Elon Musk to buy bitcoin. Michael told Musk that he should buy some bitcoin.

Michael Saylor recently announced that he was leaving the position of MicroStrategy CEO. He is now going to be replaced by the company’s top executive Phong Le. At the same time, Michael went down the notch and talked about taking over as the executive chairman. Michael Saylor has been the company’s CEO for the past three decades. During this time he has also seen many ups and downs with the company. His work at MicroStrategy will now focus on strategies to increase the bitcoin treasury, as well as work on a number of other bitcoin-related initiatives. The company came into limelight in August 2020 when it adopted bitcoin as a reserve. Microstrategy is the largest holder of Bitcoin, the world’s largest cryptocurrency.

On the other hand, if we talk about Musk’s company Tesla, in February 2021, Musk announced that Tesla had bought $1.5 trillion worth of bitcoins. At the same time Tesla was also announced to accept bitcoin as a payment option. Then in April, bitcoin was discontinued as a payment option, due to the bad effects on the environment due to bitcoin mining. The company still had a large bitcoin holding by 2022, but Tesla sold 75% of its bitcoin holding in the second quarter. The company bought bitcoin at $31,620 but sold it for $29,000.

Elon Musk announced in March that he would not sell his crypto reserves. Musk has holdings of bitcoin, ethereum and dodgecoin in crypto treasuries. However, it is not yet clear whether they have sold bitcoin from their crypto reserves, and if so, how much of it has been sold. However, the price of bitcoin is not showing much improvement. The price of bitcoin in India stood at Rs 18.67 lakh till the time of writing the news, which is a drop of 2% in the last 24 hours.

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