Microstrategy has quickly become one of the biggest corporate names in the cryptocurrency world after announcing that it recently bought just over $1 billion worth of bitcoin, putting the company’s total holdings of the digital token at 90,531.
Considering Microstrategy’s alleged average purchase price is just under $24,000 per bitcoin, thus far, the investment has been a successful venture. But even for a cutting-edge firm like Microstrategy, human error still comes into play—and they have had a miss or two trying to establish themselves as the leader of the crypto evolution.
In a tweet drenched in internet crypto jargon, CEO, Michael Saylor, declared that the company was purchasing an additional $15 million worth of bitcoin.
MicroStrategy has purchased an additional ~328 bitcoins for ~$15.0 million in cash at an average price of ~$45,710 per #bitcoin. As of 3/1/2021, we #hodl ~90,859 bitcoins acquired for ~$2.186 billion at an average price of ~$24,063 per bitcoin. $MSTRhttps://t.co/fGH5KacsPI
— Michael Saylor (@michael_saylor) March 1, 2021
Like all crypto tweets, it read like an unholy mess. Somewhere between a Turrets outburst and gambling tout drunk on $7 brown liquor. But beyond that, it appears Taylor has to some degree put his foot in his mouth, as one of the internal fund managers who oversees Microstrategy’s investments, made a grave error by sending the order through for pitcoin instead of bitcoin.
The mistake has made Microstrategy the largest corporate holder of pitcoin by a wide margin, as the firm now holds 98% of mined pitcoins. A crypto currency created by a Wyoming man, Jeremy Ruthers, who told The Stonk Market that he developed pitcoin in four hours after a late night out with the boys and while he knows it may effectively be worthless, he “Sure is glad as all heck that them Microstrategy boys wanted to get in on it.”
Ruthers explain that idea came to him after a mix up of his own. Meaning to search ‘BBW’ into his internet browser, he accidentally punched in ‘BBQ’ leaving him pud in hands, stomach growling, and “all sorts of confused.”