Business intelligence firm MicroStrategy has a cost basis for Bitcoin that is similar to the average Bitcoin buyer, according to Glassnode's True Market Mean (TMM) metric. The TMM metric estimates the aggregate on-chain acquisition price of Bitcoin and is considered one of the most accurate models available. MicroStrategy recently made a $1.5 billion Bitcoin purchase, bringing their average purchasing price to $58,263. This is close to the average purchasing price of the average investor. The Glassnode metric and the mean reversion theory can be used as reference points in models. The current price of Bitcoin is $96,248, which is 65% higher than MicroStrategy's purchasing price. However, recent research suggests that MicroStrategy could face an 80% Bitcoin price crash, but the price would need to drop below $19,000 for the value of their assets to fall below their liabilities.



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