American billionaire, Michael Saylor, through MacroStrategy, which he founded, borrowed $205 million to purchase bitcoin, to boost its total holdings of the cryptoasset, as the cryptocurrency eyes the $50,000 mark in Q2 this year, IgbereTV reports
Saylor’s company obtained the loan from Silvergate Bank to go bullish on bitcoin, which is down -0.65% in the last 24 hours, trading at $46,963.20, after initial rebound above $48,000 on Monday.
MacroStrategy is the subsidiary of Microstrategy, a business intelligence company that offers business solutions and acquires bitcoin as a store of value. Ripples Nigeria had reported four months ago that Microstrategy holds 121,044 bitcoin worth $3.57 billion.
This loan will further open Saylor’s companies to BTC’s volatility, although, a blog statement on Tuesday, didn’t reveal the exact amount that will be invested into the cryptocurrency asset, but the loan is bitcoin-collateral backed
