MicroStrategy Bought 1,434 Additional Bitcoins Sums Up To 122,478 Bitcoins

MicroStrategy, a business intelligence software company that has begun to accumulate bitcoin, stated that it purchased 1,434 bitcoins between November 29 and December 8.

According to a Tweet posted by CEO Michael Saylor, the corporation paid $82.4 million in cash at an average price of $57,477 per bitcoin.

The corporation has roughly 122,478 bitcoins as of December 8th, acquired at an average price of $29,861 per bitcoin. Bitcoin is presently selling about $49,200, putting the trove’s value at over $6 billion.

MicroStrategy’s Shift From Stocks To Bitcoin Led Suspicious Questions

Twitter is again filled with hefty of questions. A user Tweets about the price manipulation of bitcoin after Michael Saylor bought another bunch of Bitcoin.

Another user speculates and wrote on Twitter that, “I wonder why the MIT alum/one of the longest running CEO’s/author of “The Mobile Wave”/early investor in Apple & Amazon is so committed to buying so much bitcoin? Microstrategy now approaching ownership of 123,000 Bitcoin. Prob nuthin.”

The corporation generated the money for the purchase by selling stock.
The corporation added about 9,000 bitcoin to its assets in the third quarter, an average of 3,000 each month.

In August of last year, MicroStrategy began purchasing Bitcoin. When the leading cryptocurrency was selling for just over $10,000, it completed a series of transactions. The transactions were either in cash or through the issuance of debt security.

Even when the Bitcoin price fell below $30K on two times in May-June, placing them on the edge of losing money on their investment, Saylor said unequivocally that they had no plans to sell their Bitcoins.

MicroStartegy holds so much Bitcoin that it is readily labelled as a financial institution.The CEO of the company has played an important role in the company’s shift and BTC adoption.

According to Saylor, BTC acts as a strong reserve against this year’s record-breaking inflation. Instead of keeping the US dollar on its balance sheet, the company has selected Bitcoin as an asset.

MicroStrategy has not only added billions of dollars to its balance sheet in Bitcoin, but it has also pushed and persuaded a number of other publicly listed firms to do the same.

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