MicroStrategy, the company run by Bitcoin enthusiast Michael Saylor, is going all-in on Bitcoin again. They’re planning to raise a whopping $700 million by selling bonds to buy even more Bitcoin.
Debt for Bitcoin
This new debt will help them pay off some of their existing debt, which is currently secured by a huge chunk of their Bitcoin holdings. This means they’ll be able to use those Bitcoins to buy even more, increasing their overall Bitcoin stash.
More Bitcoin, More Power
MicroStrategy recently bought another 18,300 Bitcoin, adding to their already impressive collection of 244,800 Bitcoin. That’s about 1% of all the Bitcoin ever created! Their total investment in Bitcoin now sits at a staggering $9.45 billion.
Bitcoin’s Price Dip
Bitcoin’s price has been a bit shaky lately, dropping a little over the past 24 hours. However, it’s still up a bit over the past week. The bigger picture, though, shows Bitcoin struggling to recover after falling below $70,000 back in August.
The Fed’s Impact
The Federal Reserve is expected to announce a change to interest rates this week, which could have a big impact on Bitcoin’s price. It’s unclear how the market will react, but it’s something to keep an eye on.
