Elon Musk is once again messing with his favorite toy – the crypto market. Bitcoin has resumed its upwards curve which has been partly attributed to Musk saying Tesla will once again accept BTC as a payment method should miners use enough clean energy in their search for new bitcoins. The news sent BTC-related stocks higher, including shares of MicroStrategy (MSTR).
Musk’s power is such that he might be able to move the crypto market with a single tweet but if he remains undecided about Bitcoin, MicroStrategy CEO Michael Saylor has no such reservations. The BTC enthusiast has made it his company’s mission to hoard as much of the cryptocurrency as possible.
On Monday, MicroStrategy announced it has filed a shelf registration with the U.S. Securities and Exchange Commission to sell stock worth as much as $1 billion. Earlier, the data analytics company disclosed that the sale of $500 million in senior secured notes had been completed.
And where do you think most of the cash will go towards? More Bitcoin, of course.