Critics have laughed at MicroStrategy's decision to maintain accumulating Bitcoins in light of the pessimistic cryptocurrency mood.
The largest cryptocurrency exchange in the world's founder, though, gave the acquisition a giant thumbs up.
The CEO of MicroStrategy, Michael Saylor, announced on Twitter that his company has added to its Bitcoin holdings. The software company added 480 bitcoins worth a total of $10 million to its holdings.
The acquisition of each BTC, which averaged $20,817 per unit, increased MicroStrategy's total number of Bitcoins held to an astonishing 129,699 units.
On June 29, the company filed a Form 8-K with the US Securities and Exchange Commission, alerting it to its presence.
With the most recent acquisition, Saylor's company now owns one Bitcoin out of the total of 161 that will ever exist.
The purchase sparked questions since it occurred while the cryptocurrency market was shivering in the bitter cold of a bear market.
The business' choice to purchase additional Bitcoin while it was sitting on the verge of financial crisis was ridiculed by a cross-section of cryptocurrency users.
Justin Waite of the Vox Podcast poked fun at MicroStrategy's losses by saying, "If you're having a horrible day in the markets, at least you don't have Michael Saylor's portfolio."
Changpeng Zhao, CEO of Binance, jumped to Michael Saylor's defense as the naysayers laughed.
He stated that ultimately, the choice to purchase additional Bitcoins will benefit the business more in the long run.
“Many may laugh at him now, but Saylor will get the last laugh in time,” wrote Zhao. “Bookmark this tweet.”