Bitcoin Slides After Trump Says “It’s A Scam… Wants Dollar As World Currency”

Bitcoin Slides After Trump Says “It’s A Scam… Wants Dollar As World Currency”

Update (1045ET): Bitcoin prices have reversed the earlier gains after an apparently attention-seeking former President Trump opined on the cryptocurrencies during an interview on Fox Business this morning…

“Bitcoin seems like a scam… I don’t like it because it’s another currency competing against the dollar… I want the dollar to be the currency of thee world…”

While most are paying attention to the “scam” aspect, it is perhaps worth noting that Trump is also confirming Bitcoin’s status as a competing currency to the dollar.

Trump also noted he is not invested in the stock market as “it’s too high”.

We wonder how many TDS-sustaining Liberals will now pile their life-savings into cryptos… just to ‘prove’ how wrong Trump is?

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Bitcoin prices are rising  this morning after some pressure over the weekend (amid Musk and Miami’s chaos), after MicroStrategy announced it would be issuing an additional $400 million of bonds in order to acquire more bitcoins.

Full Statement:

MicroStrategy® Incorporated (Nasdaq: MSTR) (“MicroStrategy”) today announced that it intends to offer, subject to market conditions and other factors, $400 million aggregate principal amount of senior secured notes due 2028 (the “notes”) in a private offering to qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”) and to persons outside of the United States in compliance with Regulation S under the Securities Act.

The offering is subject to market and other conditions, and there can be no assurance as to whether, when or on what terms the offering may be completed.

The notes will be fully and unconditionally guaranteed on a senior secured basis, jointly and severally, by MicroStrategy Services Corporation, a wholly owned subsidiary of MicroStrategy, and certain subsidiaries of MicroStrategy that may be formed or acquired after the closing of the offering.

The notes and the related guarantees will be secured, on a senior secured basis with MicroStrategy’s existing and future senior indebtedness, by security interests on substantially all of MicroStrategy’s and the guarantors’ assets, including any bitcoins or other digital assets acquired on or after the closing of the offering, but excluding MicroStrategy’s existing bitcoins as well as bitcoins and digital assets acquired with the proceeds from existing bitcoins.

MicroStrategy’s existing approximately 92,079 bitcoins will be held by a newly formed subsidiary, MacroStrategy LLC.

MicroStrategy intends to use the net proceeds from the sale of the notes to acquire additional bitcoins.

MSTR CEO Michael Saylor’s main thesis remains that traditional investments lost all of their attraction and that, in real life, you can never own anything. Until Bitcoin, that is.

“For the first time in history, we can grant property rights to 7 billion people”

“I see bitcoin as the most secure, most reliable, most certain thing in the entire economic universe.”

“The reason bitcoin is going to win is because of its community’s ethos.“

It would appear Saylor is on board with Max Keiser’s view of the world…“We’re not selling! Fuck Elon!”

Tyler Durden
Mon, 06/07/2021 – 10:52

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Author: Tyler Durden