Real estate mogul and billionaire Grant Cardone has publicly detailed his aggressive Bitcoin accumulation strategy, which involves buying at multiple price levels regardless of market direction. In a statement shared by Bitcoin Magazine, Cardone revealed, “I bought Bitcoin at 69, 76, 82, 88, all the way to 108, then on the way down at 92, 88, 82, mid 80s, 70s, and 62.” This approach exemplifies a dollar-cost averaging (DCA) strategy, demonstrating strong conviction in Bitcoin's long-term value over short-term volatility.
In a related development, Michael Saylor's company, MicroStrategy, announced a major purchase of 2,486 BTC for approximately $168.4 million at an average price of $67,710. This acquisition brings MicroStrategy's total Bitcoin holdings to 717,131 BTC, valued at over $54.5 billion, representing roughly 3.4% of Bitcoin's total future supply.
The move elicited a rare, albeit cautious, acknowledgment from longtime Bitcoin critic Peter Schiff. Schiff congratulated Saylor for “finally averaging your price down,” but quickly turned it into a warning, criticizing the strategy of "averaging down" and suggesting it could amplify losses if Bitcoin's price continues to decline.
The market context shows Bitcoin struggling, trading near $67,661 with a 26% decline over the past 30 days. Concurrently, MicroStrategy's stock (MSTR) was trading around $128.67, down nearly 20% over the last month. Analysis of Open Interest data indicates a cooling market, with leveraged traders exiting and being replaced by more long-term, serious investors.
