MicroStrategy continues its Bitcoin buying spree at the end of 2023. Check out the latest reports about this below.
MicroStratergy continues Bitcoin buying spree
MicroStrategy, the business intelligence company, has purchased more than $8 billion worth of Bitcoin (BTC) after its recent purchase of the leading cryptocurrency.
In a social media post, Michael Saylor, the co-founder, and executive chairman of MicroStrategy announced that the company has bought an additional 14,620 BTC for around $615.7 million.
This comes after the company acquired 16,130 BTC for $593.3 million in November.
Currently, MicroStrategy is the largest institutional holder of Bitcoin, with a total of 189,150 BTC, valued at over $8 billion at the current price of $42,741.
In 2020, MicroStrategy made its first-ever Bitcoin purchase.
The company acquired 21,454 BTC for $250 million. According to a press release issued by the firm at the time, Bitcoin was seen as an effective hedge against inflation and had the potential to generate higher returns than other assets.
The CEO of MicroStrategy, Michael Saylor, explained that the investment was part of a new capital allocation strategy aimed at maximizing long-term shareholder value.
“This investment reflects our belief that Bitcoin, as the world’s most widely-adopted cryptocurrency, is a dependable store of value and an attractive investment asset with more long-term appreciation potential than holding cash.”
Saylor recently stated that Bitcoin will be the standout asset in the year to come. Here’s the video featured on X social media platform.
#Bitcoin will be the standout asset of 2024.pic.twitter.com/0RNrWIoV0j
— Michael Saylor⚡️ (@saylor) December 26, 2023
At the moment of writing this article, Bitcoin is trading in the green, and the king coin is priced at $41,469.
Just recently, we revealed the fact that Bitcoin is surrounded by all kinds of optimistic price predictions.
New reports said that there is a signal that flashed for Bitcoin, and the last time that we’ve seen this, a new ATH was 2 months away.
