MicroStrategy just scooped up even more bitcoin as the cryptocurrency’s price pulled back from a new all-time high a key strategy for the firm and one that has helped prop up the price of bitcoin. However, JPMorgan’s Marko Kolanovic warned that those leveraged purchases could also make any big downdrafts in bitcoin worse, saying that investors in the cryptocurrency should tread carefully. “MicroStrategy’s recent announcement that it acquired more than $800 million of bitcoin between Feb. 26 and March 10 alone funded via the sale of convertible notes, shows that the company, by appearing to transform itself to a leveraged play on bitcoin, has also played a part in amplifying the rally,” Kolanovic, the bank’s chief market strategist a…
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