The Week (US)

Department of Bitcoin speculatio­n

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The software company MicroStrat­egy is borrowing $400 million to buy more Bitcoin, said Vildana Hajric and Tom Contiliano in Bloomberg.com. It’s believed to be “the first-ever junk-bond sale used for financing purchases of the volatile cryptocurr­ency.” MicroStrat­egy’s chief executive, Michael Saylor, “has been one of the leading advocates of converting company cash to Bitcoin” as a hedge against inflation, and the company already holds approximat­ely 92,000 Bitcoins, “which it says were acquired for $2.25 billion at an average of about $24,450 per token.” Already the company will need to take “a roughly $284.5 million charge during its next earnings report” because of fluctuatio­ns in Bitcoin’s value. That’s more than MicroStrat­egy’s total earnings since 2011, but it is not stopping Saylor from doubling down. nese companies, extends the list to include firms engaged in “deploying surveillan­ce technology used against Muslim minorities like the Uighurs and dissidents in Hong Kong, and in the Chinese diaspora around the globe.” Funds that have investment­s in those companies will have a year to unwind their positions. White House officials said “the move was justified by a new American commitment not to facilitate Chinese repression and human rights abuses.”

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