Reply With QuoteBitcoin use case.
https://www.bbc.co.uk/news/uk-england-london-68620253
Updated with further purchases.Originally Posted by Montello
SEC Form 8-K submission March 19, 2024As previously disclosed, on March 18, 2024, MicroStrategy Incorporated (“MicroStrategy”) completed a private offering of convertible senior notes (the “Offering”). The Offering, which included a 0.875% coupon and an approximately 40% conversion premium over the U.S. composite volume weighted average price of MicroStrategy’s class A common stock from 9:30 a.m. through 4:00 p.m. Eastern Daylight Time on March 14, 2024, was well received in the marketplace and upsized to a total of $603.75 million in aggregate principal amount. This amount included the exercise by the initial purchasers of their option to purchase $78.75 million of additional notes. Net proceeds from the Offering to MicroStrategy totaled approximately $592.3 million.
On March 19, 2024, MicroStrategy announced that, during the period between March 11, 2024 and March 18, 2024, MicroStrategy acquired approximately 9,245 bitcoins for approximately $623.0 million in cash, using $592.3 million of proceeds from the Offering and $30.7 million of Excess Cash (defined in our annual report on Form 10-K for the fiscal year ended December 31, 2023), at an average price of approximately $67,382 per bitcoin, inclusive of fees and expenses.
As of March 18, 2024, MicroStrategy, together with its subsidiaries, held an aggregate of approximately 214,246 bitcoins, which were acquired at an aggregate purchase price of approximately $7.53 billion and an average purchase price of approximately $35,160 per bitcoin, inclusive of fees and expenses.
Bitcoin use case.
https://www.bbc.co.uk/news/uk-england-london-68620253
Yes, that absolutely astounded me…bitcoin enabling £2bn money laundering resting in the pocket of an ex-takeaway shop worker. Insane.
I wish you were right! 80k is a good price at the current mini bull run.
If you survived Tuesday's flush I'd still be inclined to hold above $60K. Sell below.
This is the best line of all. 😂
“The value of the Bitcoin was worth around £2bn at the time of initial estimates - but due to the fluctuation in the currency's value, it has since increased to around £3.4bn.“
The irony is that criminals really don’t use Bitcoin very much for this kind of money laundering when compared to the use of cash, diamonds, gold bars, “Swiss” bank accounts etc. All the transactions are easy to see on the blockchain, so it’s difficult to hide them.
Hamas and Hezbollah famously asked their supporters to NOT send them cryptocurrencies for this reason.
The media loves to tell everyone that Bitcoin is used for illicit activities, when it actually accounts for a small fraction of all money movements in the illicit activity sphere.
Wasn't anonymity and non government interference part of the selling point of cryptocurrency or have things moved on since then ?
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To be fair that was the part of the report that surprised me most.
It’s still relatively anonymous, but you have to use the blockchain which is entirely public. If people know your crypto address then anyone can see all of your transactions. And because the entire blockchain and every single transaction that’s ever happened since 2009 is there for the world to see, and will be for all eternity, it’s hard to remain totally anonymous forever.
For example, the Bitcoin addresses of governments and wealthy individuals are known and catalogued, so they can now, never hide. If they mover their Bitcoin to another address, everyone can see where it went.
That’s just one of the many beautiful aspects of the Bitcoin network.
Bitcoin could underpin a perfect utopian society.
This made me chuckle.
Then its primary function would need to change from a speculative investment to something with more utility.
Hmmmmm
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I thought this bitcoin halving was meant to usher in a quick price rise?
Pah!
Still, it will pay for my new fence.
It never has before. Typically the post-halving high has been several (or even many) months later.
A month on and the chart has obediently observed this. If only I could call them all like this.
I bought a little more at 62k last week
Looked at Sol and Xrp which had taken a hammering, but decided against them in the end up
Don’t get too hung up on utility. This is a new thing, not easily pigeon holed into “commodity” “asset” “utility” “money”
If it can't be defined then my original point stands that its value is attributable to speculation only.
I had no idea the price had peaked in March otherwise I would have sold. Anyway, all’s well that ends well.
Yes, always sell at the peak.
Its value isn’t dependant on your ability to define what it is. You also underestimate what others perceive it to be (I’m not saying I’m in complete agreement, but the point remains and I “get it”)
Sage advice
Much like Piet Hein's guidance to timing toast:
"There's an art of knowing when.
Never try to guess.
Toast until it smokes and then
twenty seconds less."
Don't just do something, sit there. - TNH
Is your idea of 'getting it' someone who buys and accumulates for years through all the turblulence because of some notion of function it serves in the world and in the future?
I would argue the people who really 'get it' are those who simply trade the volatility it offers and don't look beyond that. It's correlations with other markets point to this being its main use.
I would argue your two scenarios can happily co-exist
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