MicroStrategy is Buying Bitcoin Again!

Michael Saylor of MicroStrategy just announced in a tweet that the company has purchased an additional 3,907 Bitcoins for roughly $177 million in cash. The average price for the Bitcoins purchased was $45,294 per coin which is roughly 7% lower than current levels, but higher than the 50-day moving average of $37,849.

The company now holds 108,992 Bitcoins accumulating to almost $3 billion at an average purchase price of $26,769. They own more Bitcoin than any other public company in the world. Saylor has always been one of the most vocal Bitcoin bulls in the entire crypto industry. He was the one who influenced Tesla to invest $1.5 billion in the digital currency.

However, MicroStrategy’s latest bitcoin purchase is smaller than it’s June buy, when it bought roughly $489 million worth of 13,005 bitcoin. The company have been relentless in its commitment to Bitcoin as it continuously adds up to its holding of the cryptocurrency at different price points. 

MicroStrategy is currently the largest independent publicly-traded business intelligence firm with the leading enterprise analytics platform in the world, and the firm believes that 2021 is the grand year for Bitcoin. MicroStrategy’s Bitcoin purchasing spree started off in December 2020 with an initial $650 million BTC purchase.

It is noticeable that MicroStrategy does not take part in any Bitcoin lending or invest in any other cryptocurrency. The company’s consistent strategy has been to buy Bitcoin with cash, self-custody it and to hodl it indefinitely.

Bitcoin market’s however has position based on market capitalization as it continues to be the supreme king of cryptocurrency. And therefore, the market capitalization of the crypto amounts to over $912 billion. The cryptocurrency is now being acknowledged by more firms around the world.

Think it’s fair to say that Bitcoin has a huge potential of becoming the future of the payment system of the world. Today, the price of BTC swings between $49.4k to $49.8k and $50.1k with a 30-day growth rate of over 35.3%.

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