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Tenpoundbass
@
2022 Jun 15, 11:37am
Tenpoundbass
@
2022 Jun 15, 11:37am
Don't believe what you read, it's clearly fake news, it's all fake news. I have it on good faith from the Patnet smarties that Bitcoin is a strong hedge against inflation.
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MicroStrategy Inc. may need to post additional collateral for a Bitcoin-backed loan as the price of the world’s largest cryptocurrency tests a key price level of $21,000 flagged by the company.
The software firm controlled by Bitcoin advocate Michael Saylor had used its vast Bitcoin holdings to secure a $205 million loan in March to buy even more cryptocurrency. But as the value of that collateral initially worth around $820 million falls to about half that, the company may need to provide more capital to back the loan.
(Bitcoin is below $21,000)
https://www.bloomberg.com/news/articles/2022-06-14/microstrategy-risks-margin-call-as-bitcoin-drops-below-21-000
Margin Call:
A margin call occurs when the value of an investor’s margin account falls below the broker’s required amount. An investor’s margin account contains securities bought with borrowed money (typically a combination of the investor’s own money and money borrowed from the investor’s broker).
https://www.investopedia.com/terms/m/margincall.asp
Things are going to get ugly real fast. Also a 30 year mortgage is now at 7%.