MicroStrategy Again bought The Dip, Added 1,914 More Bitcoin

SYNOPSIS

  • According to a release, the corporation paid an average price of $49,229 per bitcoin.
  • MicroStrategy has roughly 124,391 bitcoins acquired at an average price of $30,159 as of Dec. 29. Bitcoin is presently priced at over $47,500, putting the total value of the hoard at $5.9 billion. According to Bloomberg statistics, the firm has a market capitalization of $6.1 billion.
  • MicroStrategy financed the deal by selling stock.

MicroStrategy, a Fortune 500 business, has purchased another 1,914 Bitcoins (BTC) to its portfolio, summarizing $94.2 million at an average cost of $49,229 per Bitcoin. Michael Saylor, the firm’s CEO, who is recognised with attracting more public corporations to BTC, announced the development on Twitter.

The Fortune 500 company’s newest acquisition brings its total Bitcoin holdings to 124,391, purchased at an average price of $30,159 per bitcoin. MicroStrategy has made a profit on its $3.75 billion investment in Bitcoin.

The “Insane” buying spree of bitcoin by MicroStrategy is followed by a swarm number of people in Microblogging site and users reacted “Insanely”.

Another user says “Y’all keep chasing altcoins trying to get rich quick while Saylor and MicroStrategy buy up Bitcoin.”

The company began purchasing BTC in August 2020 and hasn’t stopped since. Even though their key functionalities are in analytics, the organisation currently has enough BTC to become a financial institution.

Bitcoin As Inflation Tool

Michael Saylor was the first to propose utilising Bitcoin as an inflation reserve rather than retaining US Dollars in their treasury, which continues to lose value year after year. Since then, the company has amassed more than 2% of the whole Bitcoin supply.

MicroStrategy did not simply acquire Bitcoin for themselves; they pushed hundreds of other publicly traded firms to do the same. CEO Michael Saylor also claims responsibility for bringing Tesla into the Bitcoin ecosystem, claiming that he was instrumental in persuading Elon Musk to buy $1.5 billion in Bitcoin.

The public business has lately generated over a billion dollars through the issue of private company notes as a kind of financing.

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