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MicroStrategy Purchases Additional $10 Million Worth of Bitcoin

MicroStrategy Purchases Additional $10 Million Worth of Bitcoin

Michael Saylor, the CEO of MicroStrategy, has announced acquiring 205 Bitcoin for another $10 million. The company’s current Bitcoin purchase aggregates the total holding amount to 91,064 BTC. This is the fourth time this year the company had bought Bitcoin. It purchased 328, 295, and 314 BTC for $15 million, $10 million, and $10 million, respectively. In recent weeks, Bitcoin has been alternating between the $48,000 and the $50,000 limit. Considering the same, the firm again acquired the crypto asset under the $50,000 mark. MicroStrategy appears to have anticipated the crypto’s price to fall into acquiring more Bitcoin.

The move resulted in various Twitter users commenting that the firm is in a hurry to purchase more Bitcoin, and if the company had more money, it would spend it all in purchasing the asset. MicroStrategy’s Bitcoin buying binge has occurred in a positive valuation for its shareholders, with its stock up over 300% in the past six months. The stock prices of MicroStrategy have surged. However, it underwent a dip in the current weeks due to its business results. At the time of this publication, the shares of MicroStrategy are falling by 11%.

MicroStrategy to hold Crypto for 100 Years

Earlier, the firm’s CEO, Michael Saylor, stated that they are willing to hold onto their crypto for 100 years. He advocated this in an interview with Raoul Pal while also affirming that Bitcoin is a better store of wealth than gold. The CEO explained that they funded in crypto as fiat was no longer a safe store of value. Moreover, the firm selected to buy Bitcoin after severe meetings with the firm decision-makers and investors. The CEO defended his point, emphasizing that Bitcoin is not gambling for the firm or a hedge but voluntary corporate action.

The CEO of MicroStrategy, Michael Saylor, an enthusiastic Bitcoin advocate, persuaded Elon Musk to invest 1.5 billion dollars of Tesla’s funds into Bitcoin. However, the massive party commenced after the Tesla purchase announcement and its acceptance of Bitcoin as a payment method. However, Tesla was not the first heavyweight organization to invest a portion of its cash into Bitcoin. Meanwhile, a wave of institutional investors commenced transitioning to Bitcoin through the second half of 2020. Payment startup Square and other Wall Street whales, including MicroStrategy, embraced the policy of placing their cash surpluses into crypto.

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