MicroStrategy Buys Bitcoin
MicroStrategy, a publicly-traded business intelligence software company, has purchased an additional $250 million worth of Bitcoin, bringing its total holdings to $347 million.
The company, which is led by CEO Michael Saylor, has been a vocal proponent of Bitcoin and has been investing in the digital asset since August 2020. The company’s latest purchase was made on February 8th, 2021, and was made at an average price of $33,430 per Bitcoin.
The purchase comes at a time when the Bitcoin market is thawing after a volatile period. The digital asset has been on a roller coaster ride since the start of 2021, with prices hitting an all-time high of $41,941 on January 8th before dropping to a low of $30,000 on February 8th. Since then, Bitcoin has been steadily climbing, with prices currently hovering around $50,000.
The purchase is a sign of confidence from MicroStrategy in the long-term potential of Bitcoin. The company has been a vocal advocate for the digital asset, and its purchase is a testament to its commitment to the asset.
The purchase is also a sign that institutional investors are beginning to take Bitcoin seriously. With more and more companies investing in Bitcoin, it is becoming increasingly clear that the digital asset is here to stay.
The purchase of $347M worth of Bitcoin by MicroStrategy comes after a period of market volatility that saw Bitcoin’s price drop from its all-time high of $42,000 in mid-January to a low of $30,000 in early February. The market appears to be thawing, however, with the price of Bitcoin now hovering around $39,000.
MicroStrategy’s Bitcoin Investment
MicroStrategy has been one of the most active corporate investors in Bitcoin, having purchased $250 million worth of the cryptocurrency in August 2020 and another $50 million in September 2020. The company recently announced that it has added another $347 million worth of Bitcoin to its holdings.
The company has said that it sees Bitcoin as a “long-term store of value” and plans to continue to invest in the cryptocurrency. The move comes at a time when the cryptocurrency market is showing signs of thawing, with Bitcoin prices climbing back up after a steep decline in March.
The company’s CEO, Michael Saylor, has been a vocal advocate for Bitcoin, and the company’s investment in the cryptocurrency has been seen as a sign of confidence in the asset’s long-term prospects. The move has also been seen as a way for the company to hedge against inflation and protect its cash reserves.
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