MicroStrategy Shows How Bullish It Is With Bitcoin By Adding $177 Million In BTC To Its Balance Sheet
Business entities have started to enter the cryptocurrency market, but none of them are as optimistic as MicroStrategy.
MicroStrategy Leads the Way in Bitcoin Investments
MicroStrategy has once again demonstrated why it is the most optimistic business entity currently present in the cryptocurrency space. Michael Saylor led the way in the company’s entry into the cryptocurrency market, and MicroStrategy has been hungry for more ever since.
The publicly traded company announced yesterday that it bought an additional 3,907 BTC for a total of $177 million. Following this latest development, MicroStrategy has now spent $2.91 billion buying bitcoins and now has 108,992 BTC.
The average price of each Bitcoin is around $26,769. However, in the current value of Bitcoin, the 108,992 BTC represents about $5.3 billion, implying that the company has made more than 70% profit since it started buying Bitcoins.
Michael Saylor and his MicroStrategy are one of the biggest players in the cryptocurrency market. The company owns more bitcoins than any other corporate entity in the world, despite purchasing BTC for the first time since June.
The business intelligence software company began investing in Bitcoin last year. The entry has convinced some other companies, such as Elon Musk’s Tesla and SpaceX companies, to also buy bitcoin and keep it on their balance sheets.
MicroStrategy plays the long game with Bitcoin, and Michael Saylor has the backing of the investors. He has raised money to buy more bitcoins, and investors are more than willing to open their checkbooks and give him what he wants. The company believes in the future of Bitcoin and bets a lot on it.
Bitcoin drops below $48k
The cryptocurrency market has retreated somewhat after recording wins over the weekend. Bitcoin touched $50ka a few days ago, but it is now down 3.2% and trading just above the $47,700 region.
Unless the market makes a comeback, Bitcoin could slide further towards the $45k in the coming hours or days. However, it may also recover and rise again towards the $50k level. The MicroStrategy didn’t do much to offset the bearish sentiment in the market.
This article was originally posted on FX Empire