As some time ago, many of you had visited one of our articles about one of the last videos of the channel Only The SAVVY, we are doing it again today because we know how much it makes you happy. Sometimes we hesitate to write an article because we don't know if you will like it, but today we know that this video will interest you.
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Michael Saylor Responds to Bitcion $21,000 Margin Call
Bitcoin is trading at $30,800 at the time of writing. The flagship cryptocurrency is struggling to keep the $31,000 resistance, with pundits and analysts calling for Bitcoin to drop to $20,000. Some are calling for as low as $10,000, while of course, the Bitcoin haters and detractors are calling for it to plummet to $0. It was only on April 20th that Bitcoin was trading for $40,000 but with rising interest rates, geopolitical turmoil, and economic instability worldwide, the sudden drop to $30,000 now makes the calls for $20,000 more believable.
A $20,000 Bitcoin price is a far cry from the $68,991 from November of 2021. And it has been reported that one of the biggest bulls and advocates of Bitcoin, Michael Saylor, would be in trouble if Bitcoin fell below $21,000. First reported by fortune.com, MicroStrategy’s CFO Phong Le revealed in the company’s first-quarter earnings call on Tuesday that if Bitcoin’s price falls below $21,000, or around 50% from current levels, it will be forced to pony up more cryptocurrency to back its $205 million Bitcoin-collateralized loan with Silvergate Bank that was used to buy Bitcoin in the first place.
Microstrategy started buying Bitcoin in August 2020, when Bitcoin was trading in the $11,500 range. After its initial $250 Million acquisition of Bitcoin, Microstrategy’s stock rose tremedendously and Michael Saylor became a celebrity and a major voice in the Bitcoin community. Microstrategy has been on a buying spree ever since buying Bitcoin as it rose and at various dips. According to SEC filings for the first quarter, Microstrategy added another $215 million worth of Bitcoin at an average purchase price of $44,645 per coin in the first quarter bringing its total holdings to 129,218 Bitcoins acquired for $3.97 billion, or $30,700 per coin.
While reports stated that $21,000 would due Saylor in for a margin call, Michael Saylor came forward himself to give clarity on the situation. Saylor tweeted out;
MicroStrategy has a $205M term loan and needs to maintain $410M as collateral. $MSTR has 115,109 BTC that it can pledge. If the price of #BTC falls below $3,562 the company could post some other collateral. See slides 11-12 in Q1 2022 presentation. #HODLstatutes
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